Manoj Kumar Jain told ET that gold and silver are likely to witness heightened volatility during today’s trade as markets react to movements in the dollar index and developments emerging from the summit between the US and Chinese Presidents.
According to him, gold is expected to find support in the $4,634-$4,600 per troy ounce range, while resistance is seen between $4,722 and $4,770. For silver, support levels are placed at $83.00-$80.00 per troy ounce, whereas resistance is likely around $87.70-$90.00.
On the MCX, Jain identified support for gold at Rs 1,60,300-1,59,100 and resistance in the Rs 1,63,200-1,64,400 zone. Silver, meanwhile, has support at Rs 2,85,500-2,78,800, while resistance is expected between Rs 2,96,600 and Rs 3,02,000.
He further advised investors to refrain from initiating fresh buying positions in gold and silver at current levels until there is greater clarity on the outcome of the meeting between Donald Trump and Xi Jinping.