Manoj Kumar Jain of Prithvi Finmart told ET that gold is expected to find support in the $4,454-$4,420 per troy ounce range during Wednesday’s trading session, while resistance levels are likely around $4,522-$4,570. For silver, support is seen between $72.00 and $69.10 per troy ounce, whereas resistance is estimated at $76.60-$78.80.
On the MCX, gold is likely to receive support in the Rs 1,57,700 to Rs 1,56,650 band, while resistance is projected between Rs 1,60,350 and Rs 1,61,100. Silver support levels are placed at Rs 2,66,600-Rs 2,63,000, with resistance expected in the Rs 2,74,400-Rs 2,80,000 range.
Jain further said that in an earlier morning note, Prithvi Finmart had advised investors to accumulate silver within the Rs 2,71,000 to Rs 2,67,000 range, keeping a stop loss below Rs 2,63,000 and targeting levels between Rs 2,81,000 and Rs 2,85,000. Investors already holding long positions based on that recommendation have been advised to continue with the suggested stop loss and look at profit booking near the target zone.