Mr.Nirpendra Yadav, Senior Research Analyst, Swastika Investmart, shares his opinion on the commodity markets, commodities stocks, and prices of Gold and Silver in moneycontrol publications.
According to him, Gold and Silver prices remained under pressure from the aggressive US Fed. The dollar, which usually moves inverse to gold prices, hit more than a two-year high and closed above the 101 mark on Friday while US 10-year treasury yield near at 3-year high. All Fed members are pushing a half percent rate hike in the upcoming policy meeting, though the rate hike in the last meeting was a quarter-point. Today's trend in precious metals may remain range-bound to the downside. Gold has support at Rs 52000 and resistance at Rs 52700. Silver has support at Rs 66000 and resistance at Rs 67500"
