India Gold MCX February futures trade higher on Monday, following positive trend seen in the international spot prices.

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On the Multi-Commodity Exchange (MCX), the February gold contracts were trading 0.12 per cent higher at Rs 47,961 per 10 grams at 0915 hours. The March silver futures were trading 0.30 per cent higher at Rs 61,699 a kilogram.

On Friday, gold and silver prices settled on a positive note in the international markets. Gold February futures contract were settled at $1,784.15 per troy ounce, and silver March futures contract settled at $22.56 per troy ounce. Domestic markets also settled on a positive note.

Gold and silver prices rebounded again on Friday after downbeat US non-farm employment data. Non-farm employment shows a growth of 2,10,000 jobs against expected growth of 5,53,000 jobs, data showed.

Safe haven buying has also emerged in both precious metals amid growing fear of omicron in many countries. Europe and other countries imposed fresh travel restrictions due to a new variant of the virus, suggest experts.

“We expect both the precious metals to remain volatile this week and could test its resistance levels of $1800 per troy ounce and $23.20 per troy ounce respectively once again,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

Gold has support at $1772-1758, while resistance at $1796-1810 per troy ounce. Silver has support at $22.34-22.10, while resistance is at $22.80-23.00 per troy ounce.

“At MCX, Gold has support at 47700-47480 and resistance at 48155-48380; silver has support at 61200-60700 and resistance at 62100-62700 levels,” he said.

Jain suggests buying gold around 47700 with a stop loss of 47440 for the target of 48280 and silver around 61200 with stop loss of 60600 for the target of 62400.

Technical Indicators:

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

Domestic gold prices could start flat to marginally higher this Monday morning, tracking a positive start in the overseas prices.

Technically, MCX Gold February immediate hurdle is at 48125 level and a break above could push the prices to 48350 levels. Support zone is at 47800-47600 levels and a break below both levels could pull the prices to 47350 levels.

International spot silver prices have started flat to marginally higher this Monday morning in Asian trade.

Technically, LBMA spot Silver trade support zone is at $22.398-$22.158 levels. Resistance zone is at $22.650-$22.847 levels.

Domestic silver prices could start flat to marginally higher this Monday morning tracking a positive start in the overseas prices.

Technically, MCX Silver March resistance zone is at 62000-62450 levels. Support zone is at 61100-60580 levels.

Expert: Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited

As per technical chart Gold and Silver both are trading at oversold zone. The momentum indicator RSI is also indicating the same on the hourly as well as daily chart.

The current levels are the best prices for short term investors. Investors are advised to create fresh longs for in small dips near given support levels, traders should focus important technical levels given below for the day:

February Gold closing price 47903, Support 1 - 47750, Support 2 - 47500, Resistance 1 - 48150, Resistance 2 - 48500.

March Silver closing price 61516, Support 1 - 60900, Support 2 - 60500, Resistance 1 - 62130, Resistance 2 - 63000.

Expert: Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

COMEX gold trades marginally higher near $1787/oz after a 1.2% gain in previous session. Gold has recovered from 1-month low as mixed US jobs report has given a new turn to the ongoing debate about Fed’s monetary tightening.

Increasing virus concerns has also increased gold’s safe haven appeal. However, weighing on price is weaker investor interest and gains in US dollar and recovery in bond yields.

Gold has recovered from lows but may struggle to break past $1800/oz as Fed’s tightening expectations may continue to weigh

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)