Gold Prices Support Today at 47350, Buy on Dips in Bullion Market

We expect gold prices to trade sideways toup in the comingweek with COMEX spot gold resistance at $1835 per ounce and support at $1777 per ounce.

MCX, Gold April prices have near term resistance at Rs. 48580 per 10 grams and support at Rs. 47350 per 10 gram. COMEX Spot silver has near term resistance at $23.75 per ounce with support at $21.35 per ounce. MCX Silver March has important resistance at Rs. 63700 per KG and support at Rs. 59700 per KG.

Gold prices have stuck in the range of $1777—$1877 per ounce after the US FED signaled ratehike in 2022.

Silver prices ended up with spot silver prices at COMEX rose by 0.20% to $22.52 per ounce for the week. MCX Silver March futures still ended 0.30% lower to Rs. 60849 per KG for the week. The CFTC data showed that money managers have decreased their net long positions by 15867 lots in the last week.

Bullion prices witnessed a volatile week on mixed global cues. Gold prices managed to end in green after falling to $1785 levels witnessing string recovery from support levels. Spot Gold prices at COMEX managed to reclaim $1800 territory despite positive US employment numbers and rate hike expectations from central banks. US employers added 467,000 jobs in January, beating economists’ expectations, although the jobless rate moved up fractionally to 4% from a previous 3.9%. The US inflation is still at 40 years highs while real bond yields are still negative which has supported precious metals prices to trade firm.

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Gold Forecast: Gold prices will fall for Today
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