“Gold and silver witnessed heightened volatility last week, driven by profit booking as the U.S. dollar rebounded and optimism resurfaced around U.S.-China trade negotiations. Both metals dropped to 3-week lows following comments by the U.S. President indicating renewed talks with India, Japan, South Korea, and China. The dollar index, rebounding from multi-month lows, touched the 100 mark again, adding further pressure on precious metals. Mixed U.S. economic data also influenced market sentiment while non-farm payrolls exceeded expectations and triggered selling in bullion, weak Q1 GDP growth and elevated jobless claims offered some support at lower levels,” said Rahul Kalantri, VP Commodities, Mehta Equities.
“Now investors are waiting for Fed meeting outcome scheduled this week. Gold has support at $3235-3210 while resistance at $3282-3298. Silver has support at $31.80-31.60 while resistance is at $32.40-32.65. In INR gold has support at Rs92,350-91,980 while resistance at Rs93,350-93,790. Sliver has support at Rs92,380-91,550 while resistance at Rs93,950 -94,450,” he added.