Gold price today, Silver price, COMEX, MCX Gold price: Gold, Silver price update for 20 May 2022, Friday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart and Anuj Gupta of IIFL Sec on gold and silver. Check 24, 22 carat gold, 18 carat gold rate, 14 carat gold price and silver price. Check update on gold, silver price outlook for COMEX.
Gold and silver jumped again amid downbeat U.S. economic data and sell-off in the dollar index. Gold and silver prices jumped again on Thursday after downbeat U.S. data and sharp decline in the dollar index. The U.S. unemployment claims surged to 2,18,000 last week against expected claims of 2,00,000 and previous claims was 1,97,000.
Philly Fed manufacturing index showed reading of 2.6 against an expected reading of 14.9 and previous reading was 17.6 while existing home sales decline to 5.61 million units against expectation of 5.65 million units and previous data was 5.75 million units. Downbeat U.S. economic data and an increase in unemployment claims pushed the dollar index lower.
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The dollar index also struggled due to smart recovery in the Japanese yen and Swiss franc. The U.S. stock market is also struggling and trading at 52 week lows due to heavy sell-off in technology stocks while 10-year bond yields also slipped from their highs. Weakness in the U.S. equity, the dollar index and bond yields supported safe haven buying in precious metals once again.
Manoj Jain, Director of Commodity and Currency in Prithvi Finmart expect gold could test $1858 per troy ounce and silver could also test $22.40 per troy ounce levels in the upcoming session. Gold is having support at $1830-1814 per troy ounce and resistance at $1858-1870 per troy ounce while silver is having support at $21.55-21.00 and resistance at $22.10-22.40 per troy ounce.
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Jain said at MCX, gold is having support at 50330-50100 and resistance at 50750-50920 while silver is having support at 61100-60660 and resistance at 61900-62500. He suggest buying gold on dips around 50350 with a stop loss of 50100 on a closing basis for the target of 50800 and silver on dips around 61100 with a stop loss of 60600 on a closing basis for the target of 62400.
According to Anuj Gupta, VP, IIFL Sec gold may test $1850 to $1855 levels and silver may test $22.20 to $22.50 levels. Technical indicators are showing recovery in the prices from oversold zone and positive divergence is also indicating recovery in the prices.
Anuj Gupta, VP, IIFL Sec, Daily Commodity Calls 20 May 2022
Buy Gold June at 50300, SL 50000, TARGET 50800
Buy Silver july at 61200, SL 60700, TARGET 62400
Buy MCX COPPER May AT 765, sl 760, TARGET 775
Buy MCX Crude Oil june at 8400, SL 8200, TARGET 8700
Buy Nse USDINR May @ 77.60, SL 77.40, TARGET 78.00
Kedia Advisory, Daily Commodity Calls 20 May 2022
BUY GOLD JUN 2022 @ 50300 SL 50100 TGT 50650-50800.MCX
BUY SILVER JUL 2022 @ 61000 SL 60400 TGT 61800-62400.MCX
BUY CRUDEOIL JUN 2022 @ 8320 SL 8200 TGT 8480-8600.MCX
SELL NAT GAS MAY 2022 @ 670.00 SL 690.00 TGT 640.00-620.00.MCX
BUY COPPER MAY 2022 @ 765.00 SL 760.00 TGT 772.00-778.00.MCX
BUY ZINC MAY 2022 @ 317.00 SL 315.00 TGT 322.00-324.00.MCX
BUY ALUMINIUM MAY 2022 @ 242.00 SL 240.00 TGT 245.50-248.00.MCX
BUY LEAD MAY 2022 @ 180.00 SL 178.00 TGT 182.00-184.00.MCX
Gold Hallmarked Jewelery Rate per 10 gm in Chandigarh 19 May 2022 (Gold Price Today)
23 carat gold price – Rs 50100
22 carat gold price – Rs 49100
20 carat gold price – Rs 44300
18 carat gold price – Rs 40200
14 carat gold price – Rs 31900
Sone ki Ginni ka Bhav – Rs 40400/ per 8 grams
Silver Price (Silver Price 999.9) – Rs 63100/per kg
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Note: The prices being given to you on Gold Price Today are taken from different jewellers and bullion associations of the country. The price of gold, silver in your city may fluctuate as the local jewelers add GST, making charges and hallmarking charges to the gold price. Many jewelers also charge a premium for their shop. Therefore, there is a difference in the price of gold and silver at the shop in bullion.
Disclaimer: This article is written for informational purposes only. This is the opinion of the expert. If you make any investment, first take the advice of your financial advisor. Individuals associated with Gold Price Today do not personally buy, sell or trade gold/silver.
