Commodities outlook & trading strategies by Bhavik Patel of Tradebulls Sec

If silver can break above the $26 level, then it is likely that the market goes looking towards the $27.50 level, and then eventually the $28 level

Bhavik Patel Mumbai
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There are signs of bullish momentum in Silver after witnessing formation of 'hammer' candlestick pattern

Gold market is consolidating right now and despite the US dollar slumping, gold has failed to recover. Gold lacks clear directional bias despite an improved risk appetite and weakness in the US dollar. The impeachment of ex-US President Donald Trump is not happening soon so that news is out of the way but next trigger for gold would be US President Joe Biden's fiscal stimulus. Large precious metals speculators increased their net long positions in the Gold futures markets marginally last week. Gold has support at 48,500 in MCX as that is the level that has not been breached since 11th Jan and multiple times, that level has been tested.
Silver has been choppy and swinging between $25 to $26 since last one week. US real yields have been dropping in, which is likely to stop any sell-off from getting too deep in Silver. Right now, 50EMA is at $26 which is providing resistance while $25 has been providing support. II. Traders shou

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Gold price falls to Rs 49,000 per 10 gm, silver trending at Rs 66,200 a kg

Gold prices unchanged for 2nd day at Rs 49,330/10 gm, silver at 66,500/kg

Gold price remains unchanged at Rs 49,330 per 10 gm, silver at Rs 66,700/kg

Gold price today at Rs 49,330 per 10 gm, silver trending at Rs 66,700/kg

Gold price today at Rs 49,600 per 10 gm, silver trending at Rs 67,700 a kg

First Published: Jan 28 2021 | 8:17 AM IST

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