The short-term outlook for Comex Gold is slightly positive.
Precious metals have lost sheen in the first quarter of calendar year 2021. Comex Gold reported losses for the third consecutive month. Strengthening the US dollar and tightening US Treasury yields have played a key role in keeping prices down.
As a result, Comex gold lost 0.76% to close at $ 1,715.6 an ounce in March. Comex silver declined 7.2% to $ 24.53 an ounce.
MCX gold futures lost 1.2% to close at MC 44,935 per 10 grams in the domestic market. MCX silver futures declined 7.23% at the end of March to decline at 63,814 per kg.
The short-term outlook for Comex Gold is slightly positive. The recent slide has pushed the price to a support level and is a case for a short-term upside for the $ 1,785-1,800 area. A case above $ 1,752 would strengthen the case for an increase of $ 1,800. A move of $ 1,800, COMEX could move the price of gold to another target area of $ 1,835-1,840.
A short-term positive outlook would be in jeopardy if the price falls below the immediate support zone of $ 1,660–1,670. By then, there will be a case for an increase of $ 1,800 or higher.
Comex Silver went in line with expectations and the price achieved a target of $ 24.5– $ 25.1. The short-term outlook for silver is not encouraging. Prices may slide on immediate support for the $ 23.1-23.3 area. Below $ 23, the price can reach the prime target of $ 21.2. This negative view will become invalid if the value increases beyond $ 25.5.
Considering the global trend, MCX Gold also ruled weak in March and achieved the target mentioned price range of 44,500-45,000 mentioned earlier.
The short-term outlook is positive and the price is likely to rise in the immediate target area of term 46,750-47,000. If the price falls below the support level of -44,000-44,200, it will be invalidated.
The outlook for MCX silver appears relatively weak. The price fall may fall on the immediate support of 59,500-60,500. If the value. This view will be invalid if it is above 67,800.
In short, the outlook for precious metals is similar to that mixed with gold, suggesting a short-term upside potential, while silver may remain sub-level. The broader outlook for precious metals is weak and any buoyancy would be a short-term countertrend move in the context of a broader decline.
(The author is an analyst / trader from Chennai. The views and opinions shown in this column are based on an analysis of short-term price movements in gold and silver futures trading at India’s Comex and Multi Commodity Exchange. This is not meant to be. A Trading Or investment advice)
.
Add Comment