Gold prices rose in the international markets on February 25 steadying after a volatile session as investors reassessed the situation surrounding Russia’s invasion of Ukraine and fresh sanctions against Moscow from the West.
At the Multi-Commodity Exchange (MCX), gold contracts fell 1.01 percent to Rs 51,022 for 10 grams at 9.46am and silver was down 1.79 percent to trade at Rs 64,850 a kilogram.
Gold prices went up on Thursday to recreate history around $1,970 level after Russia launched the onslaught on Ukraine. Later in the day, seeing no armed force response from the US and its allies, investors dumped the metal and it witnessed almost $100 fall from the top. Further sanctions by US President Joe Biden also disheartened the bulls.
Gold may continue its bull run towards the target of Rs 52,000 in MCX taking cues from the geo-political tension and higher inflation. In Comex, gold may touch the level of $1,940 and any correction in gold will be an opportunity to enter for long position.
Buy zone near Rs 51,300 for target of Rs 51,800
Sell zone below Rs 51,000 for target of Rs 50,700
Gold and silver showed strong positive movement on February 24 trading session. On the Multi-Commodity Exchange (MCX), April gold contracts closed up by 2.31 percent at Rs 51,543 for 10 grams, while March contract silver futures closed at Rs 66,031 a kilogram, up 2.23 percent.
As per technical chart, gold and silver charts are showing some profit-booking, momentum indicator RSI is also indicating the same on the hourly as well as daily chart. So, only risky traders are advised to create fresh short positions near given resistance levels, traders should focus important technical levels.
April Gold closing price Rs 51,543, Support 1 – Rs 50,900, Support 2 – Rs 50,400, Resistance 1 – Rs 51,600, Resistance 2 – Rs 52,100.
March Silver closing price Rs 66,031, Support 1 – Rs 64,700, Support 2 – Rs 64,000, Resistance 1 – Rs 66,100, Resistance 2 – Rs 67,000.
Gold and silver showed very high volatility on Thursday amid Russia-Ukraine war and fresh sanctions on Moscow. Both the precious metals settled on a positive note in the international markets. We expect both to continue to show very high volatility in today’s session. We expect gold prices to hold $1,888 per troy ounce and silver could hold $24 per troy ounce in today’s session. The yellow metal has support at $1,900-1,888 per troy ounce and resistance at $1,945-1,972 per troy ounce, while silver has support at $24.20-23.84 per troy ounce and resistance at $25.00-25.55 per troy ounce.