Key Points
- Gold futures suggest buying on dips at Rs 66,000 with a target of Rs 66,600.
- Silver futures eye a purchase at Rs 74,500, aiming for Rs 76,500.
- Analysts express cautious optimism for gold, citing global factors and CPI data impacts.
The Gold futures market presents a promising scenario for investors, showcasing a last traded price of Rs 66,012 per 10 grams. Amidst turbulent market conditions, the day’s trading demonstrated stability with a narrow band. Noteworthy is analyst Neha Qureshi’s recommendation of a buy-on-dips strategy at Rs 66,000. She suggests implementing a stop loss at Rs 65,500 to mitigate risks. An optimistic target price of Rs 66,600 exemplifies the bullish outlook.
From Ganganagar Commodity Limited (GCL) Broking, Amit Khare provided further depth to the technical landscape, offering investors a well-defined strategy to navigate market volatility. Support levels were identified at Rs 65,800 and Rs 65,600, simultaneously, with resistance levels at Rs 66,200 and Rs 66,400. This collaborative analysis offers investors a comprehensive framework for approaching the Gold futures market, enhancing their understanding of potential price movements.
Silver’s Climb: ₹74,480 to ₹76,500 Strategy
Silver futures offer an intriguing opportunity, with the latest observed price at Rs 74,480 per kg. Neha Qureshi recommends a buy-on-dip strategy at Rs 74,500, setting a protective stop loss at Rs 73,500 to mitigate against adverse movements. The target price of Rs 76,500 reflects a positive outlook on silver’s upward trajectory.
A detailed technical analysis by Amit Khare highlights support levels at Rs 74,000 and Rs 73,500. Additionally, it identifies resistance levels at Rs 75,000 and Rs 75,500. These critical markers provide essential guidance for investors, assisting in identifying potential entry and exit points in the market.
A Closer Look at Gold Prices and Inflation Risks
Neha Qureshi and Praveen Singh offer a nuanced analysis, highlighting cautious optimism in the face of global economic uncertainties. However, concerns about trade disruptions and refinery closures raise the possibility of increased inflation risks, potentially supporting upward trends in gold prices.
The imminent release of U.S. Consumer Price Index (CPI) data, characterized by the steadfast figures from January, holds significant importance for gold prices and could substantially impact them. If inflation data prove softer, it might propel gold towards the $2,200-$2,215 range. Support levels are identified at $2,165 and $2,135, while resistance is anticipated at $2,200-$2,215 and $2,250, respectively.
