MUMBAI (Commoditiescontrol) - Gold spot touched the highest level since April-2018. Prices came under pressure for the recent up move and initially declined to 1319.6, but then rebounded to 1358.15, finally settled the week above $1340 per oz.
Next resistance -1365 and then 1375 and above to signal continuation of bullish trend.
Unlikely to drop below 1300-1310 levels in any case; only below to signal any change of reversal in current bullish trend.
Underlying strength in USD index checkmate the gold at higher levels, but considering the current economic and geo-political environment gold is still firm and the overall bullish overtone is intact.
Both US and Chinese presidents are likely to meet during G-20 meet later this month, which may set the tone on what next in their ongoing trade war.
MCX Gold August’2019
Last week range 32632 and 33344, finally settled around 33050
To challenge next higher resistance in the region of 33500 and 33800 going forward
Support is seen at 32850-32700, which should be considered as good levels to go long
Silver
Last week’s range 14.60-15.05, settled around 14.85 per oz due to profit booking could move higher towards 15.40-15.50-15.63 in the near term
Above to signal further upward bias in excess of 16
Support 14.70-14.60 and 14.53-14.40
From the Gold silver ratio, it is very clear silver underpriced when compared with gold. In line with increase in gold price silver could also go up mainly due to investment demand. Whether it will perform up to the mark is a question as most economic indicators are on and off the mark, as silver happens to be industrial metal. Silver could move higher in near term.
MCX Silver July-2019
In the last fortnight silver was up more than INR 1200 per kg, but towards the end of the day came under profit booking to settle around 37070
Strong support is seen at 36800-36500 levels and to move once again in pursuit of 38000-38500 levels going forward.
(By Commoditiescontrol Bureau)
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