Gold and silver prices remain steady today after significant profit booking last week, driven by a rebound in the dollar index and anticipation of the U.S. President’s reciprocal tariff announcements on April 2. Gold retreated from its all-time highs, while silver also declined from 12-year highs in international markets.
U.S. economic data released last week was mixed, and the Federal Reserve’s policy decisions aligned with expectations. Additionally, the Bank of England kept policy rates unchanged, limiting gains in precious metals. However, ongoing tensions in the Middle East and global uncertainty surrounding U.S. trade tariffs continue to support safe-haven demand for gold and silver.
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Hopes for a Russia-Ukraine peace deal have further diminished after a Ukrainian drone attack on Russia last week, which could provide additional support to precious metal prices.
Gold and silver are expected to remain volatile this week, influenced by fluctuations in the dollar index and concerns over the U.S. trade war. However, both metals may hold key support levels of $2,922 and $31.40 per troy ounce, respectively, on a weekly closing basis.
For this week Manoj Kumar Jain of Prithvi Finmart says gold has support at $3,000-$2,984 and resistance at $3,044-$3,055 per troy ounce. Silver has support at $33.15-$32.80, with resistance at $33.74-$34.00 per troy ounce.
According to Jain on MCX, gold has support at 87,400-87,140 and resistance at 88,000-88,360, while silver has support at 97,100-96,400 and resistance at 98,650-99,400. Jain recommend selling gold on a rise around 88,100, with a stop loss at 88,440 and a target of 87,400.
Kedia Commodity on Gold Price Today
Technically, gold remains under long liquidation, with open interest dropping by -12.62% to 10,846. Key support is at 87,245, with further downside to 86,710 if breached. Resistance stands at 88,395, and a breakout could push prices towards 89,010. Silver Support is seen at 97,020, with a break potentially testing 96,155. Resistance stands at 98,875, and a move above could push prices to 99,865.
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
