Gold: Support 59860-59680, Resistance 60420-60590
Ahmedabad, 17 May
BULLIONS: Silver has support at Rs72,020-71,550, while resistance is at Rs73,150–73,620
Gold and silver prices plunged again after a downbeat Chinese economic data which increased fear of moderating consumer and industrial demand of precious metals from China. The U.S. debt ceiling uncertainty supporting the U.S. dollar and U.S. bond yields are also hurting the sentiment of precious metals. The Fed official’s comments on the monetary policy and further interest rate hikes are also hawkish and negative for precious metals. The U.S. retail sales and core retail sales data for the month of April were also lower than expected but industrial production data was slightly better than expected. Mixed U.S. economic data and strong dollar continue to weigh on precious metal prices. Gold has support at $1980-1965 while resistance is at $2005-2015. Silver has support at $23.55-23.42, while resistance is at $24.05-24.22. In INR terms gold has support at Rs 59,860-59,680, while resistance is at Rs60,420, 60,590. Silver has support at Rs72,020-71,550, while resistance is at Rs73,150–73,620.
USD-INR: support at 82.05-81.85, resistance is placed at 82.55-82.80
The USDINR 29 May futures contract traded in a tight range. As per the daily technical chart, we observed that the pair is trading above its trend-line support level of 82.00 and RSI is fetching above 50 levels. Looking at the technical set-up, MACD is showing a positive divergence and the pair closed above 82.22 levels. The pair is having support at 82.05-81.85 while resistance is placed at 82.55-82.80. If the pair continue to sustain above 82.22, it could extend its gain towards 82.55-82.80.
(Rahul Kalantri, VP Commodities, Mehta Equities Ltd)
(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing.)
(સ્પષ્ટતા: અત્રેથી આપવામાં આવતી તમામ પ્રકારની માહિતી કોઇપણ પ્રકારે રોકાણ, ટ્રેડીંગ માટેની સલાહ નથી. બજારોમાં રોકાણ જોખમોને આધીન છે અને રોકાણ કરતા પહેલા કૃપા કરીને તમારા સલાહકારની સલાહ લો.)
