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MCX Gold Tips
Spot gold prices traded on a flat note in the last week. MCX Gold April contract rose slightly around 0.1 percent during the week on account of depreciation in the Indian Rupee.
We expect gold prices to come under pressure during the week on account of dollar strength, as a stronger dollar makes dollar denominated commodities look expensive for the holders of other currencies.
MCX Gold April: Support 27820/27560 Resistance 28220/2847
MCX Silver Tips
Spot silver declined sharply by 1.6 percent in the last week. The white metal touched a low of $32.41/oz during the week and closed its trading session at the level of $34.18/oz on Friday. MCX Silver May contract increased by 2 percent last week.
We expect silver to trade lower this week, taking cues from fall in. gold prices, a stronger dollar and choppy sentiments in the markets. Silver will also take cues from movement in base metals pack.
MCX Silver May : Support 58540/57600 Resistance 60350/61000
