MCX Gold and Silver are anticipated to show volatility in the short term as investors monitor geopolitical events in the Middle East, movements in crude oil rates, and the US Federal Reserve’s policy stance. Market analysts observed that MCX Gold closed the week negatively but stabilized near the crucial psychological support level of Rs 1,40,000. A significant drop below this level could intensify selling pressure, pushing prices towards the support zone of Rs 1,39,300-Rs 1,38,700.
Analysts highlighted that MCX Silver also concluded the week with a cautious negative tone, persisting below significant resistance levels. They foresee resistance levels at Rs 2,17,000-Rs 2,18,000 and Rs 2,20,000-Rs 2,21,000, with immediate support at Rs 2,15,000–Rs 2,14,000. A breach below this support area might drive prices towards Rs 2,11,000–Rs 2,10,000. The broader trend remains weak, requiring sustained strength above key resistance levels for a substantial recovery signal.
Globally, COMEX Gold closed the week negatively while striving to maintain above the crucial $4,000 support mark. Analysts cautioned that a drop below this level could trigger fresh selling towards the $3,920-$3,900 range. Conversely, a rise above $4,050-$4,070 could propel prices towards $4,120-$4,150. COMEX Silver faced downward pressure, aiming to stay above the $55-$54.50 support range. A decisive breach below this range might lead to further weakness towards $53, while surpassing $56.50-$57 could enhance sentiment, potentially driving prices to $59.
