According to Jain, gold is expected to find support in the range of $4,500-$4,467 per troy ounce, while resistance is seen between $4,555 and $4,600 during the current trading session. For silver, support levels are placed at $74.20-$72.00 per troy ounce, whereas resistance is likely around $78.80-$80.40.
On the Multi Commodity Exchange (MCX), Jain said gold has support at Rs 1,57,700-Rs 1,56,650 and resistance between Rs 1,59,850 and Rs 1,61,100. Silver is expected to receive support in the Rs 2,70,000-Rs 2,65,500 zone, while resistance is placed between Rs 2,76,000 and Rs 2,81,000.
He further said that Prithvi Finmart, in its Tuesday morning note, had recommended buying silver in the Rs 2,71,000-Rs 2,67,000 range with a stop loss below Rs 2,63,000 and target levels of Rs 2,81,000-Rs 2,85,000. Investors holding long positions based on this recommendation were advised to strictly follow the stop loss and consider booking profits near the suggested targets.
Jain also recommended buying gold in the Rs 1,58,500-Rs 1,57,700 range, with a stop loss below Rs 1,56,650 and upside targets of Rs 1,59,350-Rs 1,60,300.
