“Both precious metals are currently experiencing significant price swings. Despite this, silver is likely to maintain its support level near $74.00 per troy ounce, while gold could hold above its support of $4,940 per troy ounce on a weekly closing basis. We expect continued volatility in gold and silver prices due to movements in the dollar index, the US-Iran war, and sharp fluctuations in crude oil prices,” said Manoj Kumar Jain of Prithvi Finmart according to an ET report.
He noted that gold faces support in the range of $5,145 to $5,100 per troy ounce, with resistance seen between $5,220 and $5,264. For silver, support is placed between $82.80 and $79.10 per troy ounce, while resistance levels are estimated at $88.00 to $90.40 during the current trading session.
On the Multi Commodity Exchange of India, gold is expected to find support between Rs 1,59,800 and Rs 1,59,000, with resistance in the range of Rs 1,62,700 to Rs 1,63,500. Silver, meanwhile, has support levels at Rs 2,65,500 to Rs 2,61,600 and resistance between Rs 2,71,000 and Rs 2,75,000. Jain advised investors to wait for markets to stabilise before taking fresh positions.