Globally, gold prices showed signs of stability and recovery on November 22, reaching their lowest level in almost weeks. A softening dollar also helped the correction in metal prices. On the Multi Commodity Exchange, gold contracts rose 0.14 per cent to Rs 49,109 for 10 grams at 9:45 am on November 22. Silver futures also improved, rising 0.28 per cent to Rs 66,619.
Gold prices corrected after hitting a five-month high and traded below the $1,850 per troy ounce level. Meanwhile, silver prices once again dipped below $25 per troy ounce. However, global inflation and the effects of the COVID-19 pandemic played a key role in supporting the metals prices at lower levels.
Speaking to Moneycontrol, Manoj Kumar Jain of Prithvi Finmart Commodity Research said that both gold and silver are likely to remain volatile this week and where gold is expected to maintain its crucial support of $1,820 per troy ounce, At the same time, silver can also go to $ 24 per troy ounce. ,
Currently, gold has support at $ 1834-1822 and resistance at $ 1,858-1872 per troy ounce, while silver is at $ 24.40-24.20 and resistance at $ 24.88-25.10 per ounce. Hold on MCX has support at Rs 48,660-48,500 and resistance at Rs 49,055-49,280. Support for silver lies at Rs 65,220-64,700 and resistance at Rs 66,000-66,600. Speaking about trading strategies, Jain said that buyers should buy gold at Rs 48,6000 price point with a stop loss of Rs 48,330 for a target price of Rs 49,055.
Ravi Singh, Vice President and Head of Research, SHARE India Said that gold prices have entered a range zone in the last few trading sessions and should stay in this week due to fresh triggers. He expects gold prices to trade with an upward trend in the range of Rs 48,500 to Rs 49,300. As per his assessment gold will face resistance at Rs 49,500 level and any breakout above Rs 49,500 level will start a new trading zone in gold prices.
Singh suggests buying zone for gold above Rs 48,950 with target of Rs 49,300 and selling below Rs 48,800 for target of Rs 48,600.
Please note that price points are recommendations based on personal assessment, so research the risk factors involved before investing your money in the market.
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