“We are experiencing very high price volatility in both precious metals but silver prices could hold its key support level of $62.00 per troy ounce and gold prices could also hold $4,470.00 per troy ounce this week on a closing basis. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in crude oil prices and uncertainty on the US-Iran peace deals,” he said.
He further outlined that gold has support in the $4,740–4,680 range and resistance between $4,840 and $4,884 per troy ounce, while silver is supported at $74.00–70.70 and faces resistance at $78.80–80.40 per troy ounce in the current session. On the MCX, gold is seen finding support between Rs 1,51,100 and Rs 1,49,200, with resistance at Rs 1,53,800 to Rs 1,55,000. Silver, meanwhile, has support in the range of Rs 2,40,000 to Rs 2,34,400 and resistance between Rs 2,47,700 and Rs 2,51,000.
“We suggest waiting for some clarity on the U.S. and Iran peace deal for taking positions in gold and silver,” the analyst said.