Gold, silver sign off April on positive note

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The near-term outlook for MCX Silver is also positive.

After three consecutive months of losing streak, the precious metals closed on a positive note for April 2021. The weakening of the US dollar and the drop in the US Treasury yields played a key role in pushing the precious metals to higher levels in April.

As a result, Comex gold gained 3% in April to close at $ 1,767.7 an ounce. The rise in Comex silver was much sharper, with the white metal gaining 5.5% to settle at $ 25.88 an ounce at the end of April.

Mirroring the global trend, MCX gold futures gained 4% to close at ₹ 46,737 per 10-grams. MCX silver futures gained 5.7% to settle at ₹ 68,366 per kilogram at the end of April. The comex gold price achieved the target of $ 1,785-1,800 zone mentioned last month. The short-term outlook for comex gold remains positive. A close above $ 1,800 level would strengthen this view. Above $ 1,800, Comex gold could head to the next target at $ 1,845-1,855 zone.

The short-term positive outlook for gold would be under threat if the price closes below the immediate support at $ 1,710-1,720 zone. Until this support zone is breached, there would be a case for a rise to $ 1,855 or higher. The short-term outlook for Comex silver too is positive and the price could head to the immediate target at $ 27.7-28.5. The positive outlook would be under threat if the price drops below the support level at $ 24-24.5 zone. Until the support at $ 24 is not breached, there would be a strong case for a rise to $ 28.5 and beyond.

Mirroring the global trend, MCX gold too closed on a strong note in April and the price achieved the target zone of ₹ 46,750-47,000 mentioned in the previous post. The short-term outlook for MCX Gold is positive and the price is likely to move towards the next target zone at ₹ 48,500-49,500. This view would be invalidated if the price falls below the support level at ₹ 45,000-45,200 zone.

The near-term outlook for MCX Silver is also positive. MCX silver could rise to the immediate target at ₹ 71,500-72,000. This view would be invalidated if silver price moves below ₹ 63,500-64,000. A close above ₹ 69,900 would strengthen the positive case scenario.

(The author is a Chennai-based analyst / trader. The views and opinions featured in this column is based on the analysis of short-term price movement in gold and silver futures at COMEX & Multi Commodity Exchange of India. This is not meant to be a trading or investment advice.)

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Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

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