Gold, Silver Rates Dip after israel -ran ceasefire; is it time to add more or book profits?

Gold Price Today: Gold Pries Rose by 274 to 97,297 per 10 grams in futures trading on wedding, driven by strong demand in the spot market and fresh positions taken by specials.

On the Multi Commodity Exchange, The August Gold Contract Climbed 274 or 0.28 per cent to 97,297 per 10 grams, with a trading volume of 13,447 lots. The McX Silver Price Rose by 299, or 0.28 per cent, to reach 1,05,216 per kilogram.

In Global Markets, Gold Pries strengthened as the US dollar and treasury yields declined. Spot Gold Increased by 0.2% to $ 3,328.89 per Once after Reaching a Two-Veeek Low on Tuesday. Meanwhile, US gold futures rose by 0.3% to $ 3,343.00. Spot silver remained unchanged at $ 35.90 per oounce.

“Gold and silver fell sharply after the US president confirmed a ceasefire in the israel -ran conflict, triggering profit-book-booking amid easy Easing geopolitical stress. 96,500, a biggest 1 day fall after 25 November 2024. Support Gold and Silver Pries, “said Rahul Kalantri, VP Commodities, Mehta Equites Ltd.

Gold and Silver Price: Should You Book Profits?

According to Riya Singh-Research Analyst, Commodities and Currency, Emkay Global Financial Services, Gold has a Strong Support Around 3300-3280 Levels. The risk premium which arose beCause of Escalation Between us – Iran is what we are witnessing fizzling out.

“We might see some more profit taking to sideways action Turning Positive.

Sumeet Bagadia, Executive Director at Choice Broking Recommends to ‘Sell’ silver with a target price of 102,879.

“COME SILVER Spot Has Shown A Signs of Bearish Reversal after Reaching a Peak Levels Since 2012. Made a high at $ 37.31. Price has retraced marginal in past couple of Sessions, Currently Trapping $ 35.97 / Onses.

After Reaching Its All-Time High in Indian Market at i0P.748; Silver price has shown a signs of weakness in past few sessions. Price has posted significant decline of 4% from the high, currently trading below106,000.

In Previous Sessions, We have observed a dead cat bounce in silver price where price has found resistance at 107.084. Immediate support is at 20-DMA Level Placed at 104.537 and Breakout of this Level will accelerate downfall in silver price towards its next support at 50-dema placed at 01046. Placed at 109.552, “Bagadia said.

He further anticipates a further fall in silver price in Upcoming Sessions and Traders May Look for Short Opportunity for the target levels of 102.379 with given stop-low 107,400.

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