According to Vandana Bharti, Commodity Research Analyst at SMC Global Securities, gold has found support near $4,090, while $4,200 remains a strong resistance zone.
“Gold has found support near $4,090, while $4,200 remains a strong resistance zone”, said Vandana Bharti.
Bharti said elevated crude oil prices, the bond market and a firmer US Dollar Index are also reducing gold’s appeal. However, she expects the broader uptrend to remain intact once the rise in bond yields pauses.
“Beyond elevated crude oil prices, the bond market and a firmer US dollar index are also dulling the metal’s appeal, and once the rise in bond yields pauses, the structural uptrend is likely to resume”, Bharti said.
For domestic prices, Bharti expects MCX Gold to trade in a range of ₹1,45,000 to ₹1,52,000.
Silver outlook
Silver is also facing pressure from the higher interest-rate environment. Bharti pointed to some demand disruption in the solar sector as another factor affecting the metal, along with higher crude oil prices.
“Silver, meanwhile, is reacting to the higher interest rate environment, along with some demand disruption in the solar sector and the impact of higher crude prices”, Bharti said.
For silver, $57 remains a strong support level, while 62–64 is the key resistance zone.
“It has strong support near $57, with resistance in the $62–64 range”, she added.
On MCX, Bharti expects silver to move within a range of ₹2,20,000 to ₹2,30,000 per kg.
For investors, the key levels to watch are therefore $4,090 and $4,200 for gold, and $57 and 62–64 for silver.
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