Praveen Singh

Praveen Singh of Mirae Asset Sharekhan said that Hormuz optimism can keep gold supported in the very short term. Upside is likely to be limited to $4330 unless more clarity emerges on US-Iran talks.

Mirae Asset Sharekhan said that traders may buy the metal with a strict stop-loss below $62 for short-term trading. Resistance is seen at $65, followed by the $66.05-$66.40 zone.

Gold may rise to test the resistance zone of $4520-$4535. However, oil prices rising further will pose a downside risk to this possibility.

Silver may rise further to test resistance around $68 as yields, after relentless rise in last few days, can correct further. Interim resistance is seen at $66.55. Support is at $64.50-$62.80

Mirae Asset Sharekhan said dovish Fed commentary has eased downside pressure on silver, but high China inventories, subdued LBMA lease rates and weak ETF flows remain concerns.

Mirae Asset ShareKhan's Praveen Singh said that gold's key support levels are at $4,450, $4,358, and $4,300-4,330, while resistance is seen at $4,533, $4,575, and $4,650.

A hawkish signal from Warsh could trigger further correction in gold towards the $4,500-$4,520 support zone, although downside may remain limited ahead of next week's US nonfarm payroll data.

The US merchandise-trade deficit widened in July from $101.40 billion to $118.80 billion, the largest since early last year, as imports surged.

Mirae Asset expects gold to find good support in the dips. After a brief consolidation, it is expected to test resistance at $4,500. Support is at $4,300/$4,200-$4,220.

Silver price outlook: Praveen Singh of Mirae Asset ShareKhan said that spot silver is expected to consolidate its gains after rising a whopping 12 per cent last week.

Dovish FOMC outcome is supportive of higher gold prices in very short term, though oil prices can cut the rally short.

In the very short-term, silver can test the resistance around $61, with interim resistance at $59.45. Support is seen at $576.75/$54, while resistance is at $61.

Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said oil prices fuelled inflation concerns and increased expectations of higher interest rates.

Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said elevated expectations of a Fed rate hike are bearish for the metal, but the downside is expected to remain limited

Hawkish Fed commentary and escalation in the US-Iran conflict will keep silver under pressure in the short term. The white metal is quite oversold but can extend its decline to test key support at $54

The US Fed chief Warsh's hawkish stance and rate hike worries due to Middle East tensions would keep Gold prices under pressure.

Silver is expected to be highly volatile and choppy in the short run due to the evolving situation in West Asia. However, as West Asia conflict is likely to remain contained, traders may buy the dips.

Gold prices are expected to remain volatile and choppy amid uncertainty over situation in the Middle East, may trade in the range of $4,000-$4,200 for now.

Gold is expected to trade with a positive bias in near-term, and can extend its advance to $4,200 level in the coming weeks. Upside will remain capped unless the rate hike probability comes down furth

Silver prices rebounded on Warsh's remarks in the ECB panel discussion on July 1, and a weaker-than-expected nonfarm US payroll report for June.