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Buying MCX Silver around Rs 91,000 with a stop loss (21-01-2025)

Gold February futures contracts at MCX opened higher on Tuesday and were trading at Rs 78,850 per 10 gram around 9:45 am, which was up by 0.39% or Rs 306 while silver March futures contracts were trading higher by 0.68% or Rs 622 at Rs 92,064/kg.

The prices of gold have surged by Rs 2,400/10 grams in the last one month while silver prices have gained Rs 3,700/kg in the same period.

On Monday, gold and silver settled on a weaker note in the domestic market and on a mixed note in the international markets. Gold February futures contract settled at Rs 78,544 per 10 grams with a loss of 0.61% and silver March futures contract settled at Rs 91,442 per kilogram with a loss of 0.17%.

Gold and silver showed very high volatility amid US President Donald Trump’s inaugural speech. He retreated from imposing tariffs on various nations and also reversed many policies of the Biden administration.

After the Israel-Hamas ceasefire deal, the possibility of a ceasefire between Russia and Ukraine eased safe-haven demand for precious metals.

Gold prices slipped from 1-month highs but silver traded steady in the international markets. Profit taking in the dollar index and US bond yields supported prices of precious metals at lower levels.

“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and Trump administration policy announcements,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.

Today, the US Dollar Index, DXY, was hovering near the 108.19 mark, falling 1.16 or 1.06%.

Disappointed with the delay in tariffs and signs of ease in the geo-political tensions, the dollar index fell yesterday by more than 100 bps.

“Market participants now will keep an eye on any updates from President Trump and officials at Davos which could trigger volatility in the market. The US market also resumes from a holiday, which could also provide swings in the market,” believes Manav Modi, Analyst, Commodity Research at Motilal Oswal.

Intraday MCX Silver Tips For Today

  • Buying MCX silver between 91,000——90700 with a stop loss for a target of Rs 92,000——92,500.

However, the relative strength index has begun rounding downward, indicating the commodity could be moving sideways in the coming sessions, Chai says in a research report. Following consolidation, the precious metal should resume an uptrend toward $2,800/oz. On the downside, immediate support is pegged at $2,700.00/oz, the analyst adds. Spot gold is 0.6% higher at $2,726.33/oz.

Disclaimer: The views and investment tips expressed by investment experts on goldsilverreports.com are their own and not those of the website or its management. goldsilverreports.com advises users to check with certified experts before taking any investment decisions.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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