By Manoj Kumar Jain
Director and Head Commodity Research, IndiaNivesh
Friday, both the precious metals were traded negative in international markets. Gold settled at $1281.15 per troy ounce down by 0.86% while silver settled at $15.36 per troy ounce down by 1.15%.
Domestic markets were also settled negative. Gold settled at Rs.32091 per 10 gram with the loss of 0.55% and MCX Silver settled at 39198 per 1 kilogram with the loss of 0.51%. Gold futures prices dropped Friday, headed for their first weekly loss since mid-December, as investors pushed into riskier assets, including stocks, fueled by hope of potential progress toward a resolution in the U.S.-China trade dispute.
On the contrary investors are also keeping eyes on Brexit chaos, because there is no idea which way there are heading and this has impacted the growth of UK and EU. We expect gold to take support around $1275 and will bounce again. Gold is having support at $1275-1270 and resistance at $1288-1296. Silver is having support at $15.24-15.15 while resistance at $15.55-15.70.
