Comex gold, Comex Gold Price, Comex Silver Price: Today, gold prices on Comex breached the $2400 mark, while silver edged close to $29, marking a significant leap, with silver prices rising nearly 2.5 percent on Comex. The bullish trend in gold and silver persists, signaling a strong bull run.
Gold and silver saw gains following lower-than-expected U.S. PPI data, although gains were limited by a strong dollar, with the trend remaining volatile. On Thursday, both gold and silver settled positively in international markets. Gold June futures contracts closed at $2,372.70 per troy ounce, up by 1.03%, while silver May futures contracts settled at $28.25 per troy ounce, up by 0.71%. Domestic markets also ended on a positive note, with gold June futures contracts settling at Rs71,644 per 10 grams, up by 0.54%, and silver May futures contracts settling at Rs82,847 per kilogram, up by 0.28%.
The uptick in gold and silver prices followed the release of lower-than-expected U.S. PPI data, along with safe-haven buying supporting the prices of precious metals. However, gains were capped by the strong performance of the dollar index and U.S. 10-year bond yields. The dollar index surpassed the 105 mark once again amid higher-than-anticipated U.S. inflation data and diminishing expectations of June Fed rate cuts.
Manoj Kumar Jain, Director in Prithvi Finmart says expectations are for gold and silver prices to remain volatile in today’s session due to fluctuations in the dollar index and geopolitical tensions. Nonetheless, gold and silver are expected to maintain support levels of $2,310 and $27.20 per troy ounce, respectively, on a weekly closing basis.
As per Kedia Commodity’s analysis, gold prices are anticipated to find support around 2350 and resistance around 2430. Meanwhile, gold MCX prices are expected to be supported near 71200 and face resistance near 72800. For silver, support is seen around 28.30, with resistance at 29.30, while silver MCX prices are projected to find support around 81500 and resistance near 86000.
Jain said Gold has support at $2,355-2,340, with resistance at $2,388-2,410 per troy ounce, while silver has support at $28.00-27.64, with resistance at $28.55-28.80 per troy ounce in today’s session. At MCX, gold is supported at 71,400-71,180 and resisted at 71,900-72,220, while silver is supported at 82,200-81,750 and resisted at 83,300-84,200. We recommend buying silver above 82,500 with a stop loss at 81,750 for a target of 83,300-84,200.
Profit-taking in crude oil provided support for the rupee at lower levels. However, the strength of the dollar index and the significant decline in the Japanese Yen may restrict the rupee’s gains. According to Jain expectations are for the rupee to maintain volatility in today’s session due to fluctuations in the dollar index, with the pair potentially trading in the range of 82.7400-83.8800.
Jain said according to the daily technical chart, the pair has support at 83.0500-82.9400, while resistance is situated at 83.3400-83.6000. Currently, the pair is trading below its support level of 83.3400 and is anticipated to remain within the range of 82.7400-83.8800 for the week. We recommend buying the pair around 83.1500 with a stop loss at 82.9400 for a target of 83.4500-83.6000.