The price of gold rose on the international market on February 25 which was stable after a volatile session when investors reasses the situation around the Russian invasion to Ukraine and new sanctions against Moscow from the West.
In the multi-commodity exchange (MCX), the gold contract fell 1.01 percent to Rs 51,022 for 10 grams at 9.46 in the morning and silver fell 1.79 percent to trade at Rs 64,850 per kilogram.
The price of gold rose on Thursday to recreate a history of around $ 1,970 after Russia launched an attack in Ukraine. Then on that day, seeing there was no response of the armed forces from the US and his allies, investors threw metals and watched nearly $ 100 falling from above. Further sanctions by US President Joe Biden also harmed the Bulls.
Technically, in the last five days, we haven’t seen a gold point falling under $ 1,880, therefore falling further only anticipated on the breakdown of this level, while the steps above $ 1,930 will draw back bulls to capture yesterday, Vidit Garg said, said Vidit Garg, Director, Mygoldkart.
Trade strategy
Ravi Singh – Vice President and Head of Research – Sharindia
Gold can continue his bull walking towards the RS 52,000 target at MCX taking a signal of geographical tensions and higher inflation. On the Comex, gold can touch the level of $ 1,940 and each correction in gold will be an opportunity to enter a long position.
Buy Zones near Rs 51,300 for RS Target 51,800
Selling zones under RS 51,000 for RS 50,700 targets
Amit Khare, AVP-Commodity Research, Ganganagar Commodities
Gold and silver showed a strong positive movement in the February 24 trading session. In multi-commodity exchanges (MCX), April gold contracts closed up to 2.31 percent at Rs 51,543 for 10 grams, while the March Silver futures contract closed at Rs 66,031 per kilogram, up 2.23 percent.
According to the technical graphics, gold and silver graphs show several earning orders, the RSI Momentum indicator also shows the same thing on the graph every hour and daily. So, only risk traders are advised to make a short short position near the resistance level given, traders must focus important technical levels.
April Gold Closure Price RS 51,543, Support 1 – RS 50,900, Support 2 – RS 50,400, Resistance 1 – RS 51,600, Resistance 2 – Rs 52,100.
Silver Closing Prices March Rs 66,031, Support 1 – RS 64,700, Support 2 – Rs 64,000, Resistance 1 – RS 66,100, Resistance 2 – Rs 67,000.
Manoj Kumar Jain from Prithvi Finmart Commodity Research
Gold and silver showed very high volatility on Thursday in the middle of the Russian-Ukrainian war and new sanctions on Moscow. Both precious metals settled with positive records on the international market. We hope both continue to show very high volatility in today’s session. We expect the price of gold to accommodate $ 1,888 per troy ounce and silver can accommodate $ 24 per troy ounce in today’s session. 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.
In MCX, gold has support at Rs 50.800-50,330 and resistance at Rs 52,100-52,750, while silver has support at Rs 65.200-64,400 and resistance at Rs 67.200-68,100 levels. We suggest buying gold to fall around Rs 50,800 with RS 50.330 with the target target of Rs 52,100 and Perak around Rs 65,200 with RS 64,400 stops over the RS 67,000 target.