He further said that both gold and silver may continue to trade with heightened volatility due to movements in the dollar index, developments in US-Iran negotiations, the release of important US economic indicators, and prevailing geopolitical uncertainties.
In the short term, gold is seen having support between $4,880 and $4,824 per troy ounce, with resistance placed in the $4,955 to $5,000 range. For silver, support is expected between $71.20 and $68.80, while resistance is projected at $76 to $78.40 per troy ounce during the current trading session.
On the MCX, gold is expected to receive support in the Rs 1,49,800–1,47,700 band, with resistance between Rs 1,53,150 and Rs 1,55,500. Silver is projected to have support at Rs 2,24,400–2,18,800 and resistance at Rs 2,32,200–2,36,000. Jain recommended refraining from initiating fresh positions in either metal this week, pointing to the holiday in Chinese markets and ongoing developments related to the US-Iran discussions.
