Manoj Kumar Jain
Director & Head of Commodity Research, IndiaNivesh
IndiaNivesh expect after Brexit deal failure gold will get traction in coming days and will possibly break $1300 in international markets, weakness in rupee could additionally support gold prices in domestic markets.
Gold is having support at $1284-1278 and resistance at $1294-1300. Silver is having support at $15.50-15.38 while resistance at $15.78-15.94.
Yesterday, both the precious metals were traded flat to negative in international markets. Gold settled at $1288.40 per troy ounce down by 0.22% while silver settled at $15.62 per troy ounce down by 0.38%.
Domestic markets were settled positive due to weakness in rupee. Gold settled at Rs.32180 per 10 gram with the gain of 0.12% and MCX Silver settled at 39569 per 1 kilogram with the gain of 0.04%.
Gold showing strength after poor U.S. PPI numbers as weak PPI faded chances of interest rate hike but after UK Lawmaker vote down Theresa May’s Brexit deal by 230 vote dollar index gains and which puts pressure on gold prices in international markets.
