While the dollar weakened from a six-week high on Tuesday as traders awaited additional economic data to assess the U.S. Federal Reserve’s rate-hike policy, gold prices edged up on the global markets. At $1,843.23, spot gold was up 0.1 percent. At $1,851.80, U.S. gold futures rose 0.1 percent. On global markets, gold and silver came to a mixed conclusion. Silver March futures contract concluded at $21.82 per troy ounce, up 0.46 percent, while the gold April futures contract ended up at $1,850.30, down 0.06 percent. U.S. Fed’s more hints are anticipated by the market. Speaking this week could clarify if the U.S. Fed will raise rates during its policy meetings in March.
Silver could maintain its level of $21.20 per troy ounce and gold could maintain its support level of $1822 per troy ounce. Support and resistance levels for gold per troy ounce are $1838-1822 and $1866-1878, respectively. Support and resistance levels for silver per troy ounce are $21.55-21.20 and $22.10-22.34, respectively. In the MCX, gold is supported between Rs 56,000 and Rs 55,770, while silver is supported between Rs 65,220-64,800 and Rs 66,100-66,660. With a stop loss of Rs 64,700 and a target price of Rs 66,100, we advise purchasing silver on declines of around Rs 65,220.
Rahul Kalantri, VP of Commodities, Mehta Equities said after a decline the previous week, gold and silver traded in a narrow range on February 20. On Monday, American markets were closed, and the dollar index fluctuated as well. The US Fed’s additional hints are being awaited by the market. Speaking this week could shed further light on the US Fed’s rate hikes at its policy meetings the following month. Increasing global tensions might give gold crucial support and raise the price of gold bullion.
In today’s session, we anticipate continued volatility for gold and silver. Support for gold is located at $1828, while resistance is found at $1852-1864. Support and resistance levels for silver are $21.55-21.35 and $21.98-22.15, respectively. Support and resistance levels for gold in rupees are Rs 55,980-55,810 and Rs 56,520-56,700, respectively. Support and resistance levels for silver are Rs 65,150–64,520 and Rs 66,190–66,580, respectively.