IIFL's fundamental view on Gold, Silver

IIFL has come out with its fundamental view on Gold and Silver. As per the research firm MCX Gold (Apr) prices have support at Rs 28,125/10 gms and resistance at Rs 28,400/10gms.

Gold
Fundamental View: Gold prices ended lower, as uncertainty over Greece negotiations dented the buying sentiment. In this regard, Greek Prime Minister and top party leaders have failed to reach a final agreement yet on austerity measures, which are prerequisite for receiving the next round
of aid from European Central Bank, the European Union and the International Monetary Fund, which is helping Greece in averting default on its debt.
Meanwhile, Greece has agreed to cut the minimum wage by 22% as part of reforms required for a new bailout, but left the issue of supplementary
pensions unresolved.

COMEX Gold (Apr)
Price indication: Prices have support at US$1,732/ounce and resistance at US$1,743/ounce.

MCX Gold (Apr)
Price indication: Prices have support at Rs28,125/10gms and resistance at Rs28,400/10gms.

Silver
Fundamental View: Silver prices settled with 1.4% decline at US$33.7/ounce. Silver prices made a high of US$34.5/ounce and a low of US$33.7/ounce.

On domestic front, MCX March Silver ended 0.8% lower at Rs56,821/kg. Prices made a high of Rs57,777/kg and a low of Rs56,689/kg.

COMEX Silver (Mar)
Price indication: Prices have support at US$33.70/ounce and resistance at US$35.13/ounce.

MCX Silver (Mar)
Price indication: Prices have support at Rs56,690/kg and resistance at Rs57,900/kg.

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