Key Points
- MCX Gold futures for April experienced a slight decline of 0.1%, closing at Rs 62,460 per 10 grams.
- MCX Silver futures for March decreased by 0.28%, settling at Rs 70,114 per kg.
- Trading strategies suggest selling gold and silver futures, with specific target prices set for both.
- Analysts have identified key support and resistance levels for gold and silver futures, indicating potential trading ranges.
- COMEX gold showcased a negative trend, highlighting international market influences on domestic prices.
The domestic market for precious metals has witnessed modest yet noteworthy shifts, with both gold and silver futures seeing slight reductions in their values. On a recent trading day, April MCX gold futures decreased by 0.1%, or Rs 64, closing at Rs 62,460 per 10 grams. The trading activity for the day fluctuated between Rs 62,436 and Rs 62,463. In contrast, MCX Silver futures for March experienced a more pronounced fall of 0.28%, or Rs 197, finishing at Rs 70,114 per kg. These trends shed light on the prevailing market mood and the traders’ prudent stance towards precious metals.
Strategic Selling Points: Gold and Silver
Technical analysis of the futures market aims to predict price directions and assist in making informed trading decisions.
- Selling strategy recommendations:
- Gold Futures:
- Sell at Rs 62,600.
- Set a stop loss at Rs 62,900.
- Target Rs 62,000.
- Silver Futures:
- Sell at Rs 70,300.
- Set a stop loss at Rs 71,300.
- Target Rs 68,500.
- Gold Futures:
- Support and resistance levels:
- April Gold Futures:
- Support at Rs 62,400 and Rs 62,200.
- Resistance at Rs 62,600 and Rs 62,800.
- March Silver Contract:
- Entry levels at Rs 70,000 and Rs 69,700.
- Exit levels at Rs 70,700 and Rs 71,300.
- April Gold Futures:
This guidance aims to help traders identify potential entry and exit points.
Global Market Influence: COMEX Gold Trends
The international market dynamics, especially COMEX gold’s performance, significantly influence domestic futures pricing. COMEX gold stood at $2,049.9, indicating a downward trend that could affect domestic market sentiments. The analysis also outlines expected trading ranges for gold and silver over the medium term, with silver anticipated to find support between 22.10 and 21.70. The interplay between international trends and technical analysis furnishes comprehensive insights into the precious metals market, assisting traders and investors in their decision-making processes.
Keep in mind, monitoring market indicators is crucial for effectively navigating the precious metals market’s evolving complexities.