Silver prices have risen by approximately 20% in the last month February. While, Gold has risen by just 5-6 % percent in February. Silver has outperformed Gold in last month and likely to give better returns in the coming few months as compared to Gold.
Gold may find supports at 1390, 1370 and 1355. While, resistance levels are seen at 1431 and 1465. If Gold prices are succeeded to stay above 1430, it could touch 1475-1490 levels within next few trading weeks. While, if Gold prices falls below 1390 and stays below the level, it is likely to touch 1360-1340 levels.
Support for MCX Gold Apr contract is seen at 20600 and below it; prices can test 20300, while the resistance levels are 21000 and 21300 respectively. Short term range of MCX Gold future prices is 19900-21100.
Gold futures prices closed little unchanged on COMEX yesterday. While, Silver prices rose by more than 1.5% yesterday. Gold in international markets last traded strong at 1415 USD an ounce after it made seven weeks high near 1418 USD per ounce. Silver last traded at $34.15 per ounce near its multi year high around 34.32 USD an ounce.
The recent rise in Gold prices is due to geopolitical tension in Middle East and investment demand from developing countries like India and China. However, Gold prices are likely to give some correction from present levels as Gold has already discounted the bad news of Middle East. Gold prices are hovering between 1400 and 1420 USD an ounce from last few trading sessions. The gold prices are expected to trade in a range of USD 1390-1420 per ounce in the next few trading sessions.
At MCX, the Indian commodity bourse, Gold April future prices settled slightly down on Monday at Rs. 20923 per ten grams against previous day’s close of 20961 down by 38 rupees.
MCX April Gold contract opened weak this morning at rupees 20900 per ten grams, made an intraday high at 20937 and last traded at 20867 down by 56 rupees after made an intraday low of 20861.
