Gold Price: MCX Gold price has support around Rs 46660, Rs 46956 and resistance at Rs 47411 and Rs 47570

CapitalVia Investment Advisers say that International Gold and Silver prices are trading with gains as US Treasury yields and the US dollar weakened, lifting the precious metals’ appeal. US Federal Reserve Chair Jerome Powell said on Wednesday that the central bank would reduce its monthly bond purchases before committing to an interest rate hike, indicating that the sequence of monetary policy adjustments is still months away.

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Technically, International Gold is trading bullish momentum. Prices breached the resistance of $1750- $1760 levels and are sustaining above them. On the domestic front, MCX Gold June opened on a negative note and has been trading near the monthly high of Rs 47279. A decline was witnessed in the early hours of the day which was covered in the afternoon session. CapitalVia expects a dip in prices in the upcoming session, which could act as a buying opportunity for the traders.

Trading strategy on Gold:

CapitalVia says that MCX Gold price has a support around Rs 46660 and Rs 46956 and Resistance is at Rs 47411 and Rs 47570. The price trend on Gold is Bullish.

Like Gold, International Silver is also trading with bullish momentum. Prices are sustaining above the resistance levels of $25.5-$25.6 and are trading at $26.20 levels for the first time in this month. MCX Silver May opened on a negative note and has been trading with positive bias below 69000 levels. We may expect a marginal fall in prices till the levels of Rs 68600 – Rs 68400 in the evening session after which bulls may dominate.

Trading strategy on Silver:

CapitalVia says that MCX Silver price has a support around Rs 67679 and Rs 68271 while Resistance is around Rs 69175 and Rs 69487. The price trend on Silver is Bullish.