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Gold Prices Today: Yellow metal still has some rally left, correction should be used to add more

"It seems that the rally is still left in the gold and any correction till $1950 or deep correction till $1920 should be used to add the metal in the portfolio for targets of $2040 before the financial year ends," says Vidit Garg, Director, MyGoldKart.

March 08, 2022 / 09:42 AM IST
Gold, Gold Prices

Gold, Gold Prices


Gold prices slid from the key $2,000-per-ounce mark on March 8 in international markets as the US dollar held firm near a multi-month peak, while palladium eased from record highs after investors took a breather as Russia-Ukraine talks hardly advanced.

At 9.35 am, gold contracts were marginally down 0.04 percent at Rs 53,498 for 10 grams on the Multi-Commodity Exchange (MCX) and silver added 0.1 percent at Rs 70,039 a kilogram.

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Trading Strategy

Ravi Singh-Vice President and Head of Research - ShareIndia

Gold prices are soaring high on account of increasing tensions between Ukraine and Russia and fear of stagflation due to massive increase in commodities prices. Gold may continue its bull run and if the situation worsens then it may touch the levels of Rs 55000 in near term.

Buy zone near Rs 53200 for target of Rs 53800

Sell zone below Rs 53000 for target of Rs 52700

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

Market is very volatile nowadays due to the Russia Ukraine crisis, so small traders should avoid trade for some more days. As per technical charts, gold and silver are showing some profit booking and making temporary top, momentum indicator RSI is also indicating the same on the hourly and daily charts, so only risky traders are advised to create fresh short positions near given resistance levels -- traders should focus on important technical levels.

April Gold closing price Rs 53517, Support 1 - Rs 53100, Support 2 - Rs 52800, Resistance 1 - Rs 53850, Resistance 2 - Rs 54200.

May Silver closing price Rs 69969, Support 1 - Rs 69400, Support 2 - Rs 68700, Resistance 1 - Rs 70500, Resistance 2 - Rs 71100.

Vidit Garg, Director, MyGoldKart

In the morning gold touched the magical figure of $2000. Bears expect that the rally will be over while bulls are anticipating $2200 kind of levels. Going by the technicals, it seems that the rally is still left in the gold and any correction till $1950 or deep correction till $1920 should be used to add the metal in the portfolio for targets of $2040 before the financial year ends. Our view will negate if it manages to close below $1900.

In the domestic market, any correction till Rs 51500 and Rs 50500 should be used to add gold in the portfolio for target of Rs 56000 while the view negates below Rs 49500.

Manoj Kumar Jain of Prithvi Finmart Commodity Research

Gold and silver showed very high volatility on Monday amid record gains in the dollar index and Russia-Ukraine war. Both precious metals settled on a mixed note in international markets. Due to weakness in the rupee, both precious metals settled on a positive note in domestic markets. Gold is expected to test $2055 per troy ounce and silver could test $26.80 per troy ounce in the upcoming sessions. The yellow metal has support at $1984-1978 per troy ounce and resistance at $2010-2022 per troy ounce while silver has support at $25.55-25.20 per troy ounce and resistance at $26.00-26.35 per troy ounce.

At MCX, gold has support at Rs 53100-52770 and resistance at Rs 53850-54200 and silver has support at Rs 69200-68500 and resistance at Rs 70700-71800 levels. We suggest buying gold around Rs 53300 with a stop loss below Rs 52900 on a closing basis for target of Rs 54000 and silver around Rs 69600 with a stop loss below Rs 69000 on a closing basis for target of Rs 71200.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
Sandip Das
first published: Mar 8, 2022 09:42 am