Praveen Singh

In the short run, gold prices may extend their decline to test support around $3,750.

Praveen Singh of Mirae Asset Sharekhan said that Silver remains under significant pressure after breaking below support of $54.50. A sustained recovery above $55 is needed to ease the current selling

Praveen Singh of Mirae Asset Sharekhan said that gold's upside could remain constrained by expectations of further Fed tightening, particularly if US economic data remain firm or oil prices rebound.

Silver is at attractive levels for stacking purpose on medium-to-long-term horizon but may fall further in short term.

Momentum selling and uncertainty ahead of the US midterm elections are outweighing the supporting factors like sharp decline in US yields in last two weeks and shaky AI sector.

The crude oil/silver ratio has fallen through the crucial support around 58, which means silver remains vulnerable to rise in oil prices.

Gold price outlook: Near-term resistance is at $4140/$4227; support is at $4000/$3930.

Praveen Singh of Mirae Asset Sharekhan said that silver has fallen quite sharply in the last few weeks. The white metal looks weaker than gold, as ETF flows are not inspiring.

Praveen Singh of Mirae Asset Sharekhan has said that spot gold is facing tremendous selling pressure on rate hike concerns as inflation continues to run hot. It is advisable to sell into rallies.

Spot gold has been under tremendous selling pressure due to surging real yields and strong US Dollar.

In near-term, silver is likely to range trade between $58 and $61. Interim resistance is at $60. Major hurdle is at $64.50.

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.