December 08, 2023 / 10:28 AM IST
Sensex Today | Rahul Kalantri, VP Commodities, Mehta Equities:
Gold and silver prices held steady on Thursday, exhibiting a period of consolidation following significant movements earlier in the week. Traders are eagerly awaiting the release of crucial U.S. Nonfarm employment data on Friday evening. In the latest week, U.S. jobless claims experienced a modest increase, reaching 220,000 compared to the expected 221,000. The dollar index saw a decline after the release of U.S. jobless claims data, providing support to precious metals. Additionally, the Japanese Yen demonstrated notable strength on Thursday, contributing to potential support for gold and silver prices in the international markets.
Anticipating volatility in today’s session, we observe that gold maintains support in the range of $2014-$1998, with resistance at $2045-$2060. Meanwhile, silver finds support at $23.62-$23.40, with resistance at $24.05-$24.22. In terms of INR, gold is expected to find support at Rs 62,220-61,910, with resistance at Rs 62,710 and Rs 62,880. Silver’s support in INR is projected to be at Rs 73,850-73,380, while resistance is expected at Rs 75,070 and Rs 75,630.
