Gold was trading lower in the Indian market on March 28 on global cues as hopes of progress in Russia-Ukraine peace talks to be held during the week dented safe-haven demand for bullion, while a stronger dollar and higher yields weighed on the metal.
On the Multi-Commodity Exchange (MCX), gold contracts were down 0.27 percent at Rs 51,737 for 10 gram at 9.48 am and silver slipped 0.65 percent to Rs 68,392 a kilogram.
In the international market, spot gold fell 0.5 percent to $1,947.90 a troy ounce. US gold futures were down 0.2 percent at $1,949.70.
A late-night agreement on Russia-Ukraine peace talks to be held in Turkey and a limited lockdown in Shanghai played well for world markets. Market participants will eagerly follow the events in Turkey as Russia and Ukraine open second round of talks on March 28.
Technically, gold has got support at $1,943 and $1,935. If it fails to hold these levels, the yellow metal can slip to $1,921. A reverse can see it touching $1,967, said Vidit Garg, Director, MyGoldKart.
Ravi Singh, vice president, and head, research, ShareIndia
Gold is attractive due to soaring inflation and uncertainty surrounding the Russian-Ukraine war. As long as the two factors continue to dominate market sentiment, chances of a further uptrend in gold prices remain intact. It is a good opportunity to go long on every dip.Buy zone above Rs 52,000 for the target of Rs 52,300
Sell zone below Rs 51,600 for the target of Rs 51,400
Amit Khare, AVP- Research Commodities, Ganganagar Commodity
The market has been volatile due to the Ukraine war. According to the technical chart, gold and silver are now showing some strength and are ready for a pullback rally. Momentum indicator the RSI is also pointing to the same on the hourly as well as daily chart. Traders are advised to create fresh buy positions near given support levels. Traders should focus on these important technical levels:
April gold closing price Rs 51,876, support 1- Rs 51,700, support 2-Rs 51,500, resistance 1-Rs 52000, resistance 2-Rs 52200.
May silver closing price Rs 68,836, support 1-Rs 68,200, support 2-Rs 67,700, resistance 1-Rs 69,100 and resistance 2-Rs 69500.
Manoj Kumar Jain, Prithvi Finmart Commodity Research
Gold and silver settled on a weaker note in the international market on March 25.
We expect gold to hold $1,922 and silver $24.84 levels this week. Gold has support at $1,945-1,933, while resistance is at $1,968-1,984.
For silver, support is at $25.55-25.20 and resistance at $26.00-26.30.
On MCX, gold has support at Rs 51,660-51,480 and resistance at Rs 52,050-52,220, while silver has support at Rs 68,440-67,900 and resistance at Rs 69,200-69,750.
We suggest buying gold on dips around Rs 51,660 with a stop loss of Rs 51,480 on a closing basis for a target of Rs 52,100. Buy silver around Rs 68,400 with a stop loss of Rs 67,900 on a closing basis for a target of Rs 69,300.
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