Silver MCX Today Tips – Watch 43750 to High 44049, Intraday Traders Enjoy

Silver MCX Today Tips – Watch 43750 to High 44049, Intraday Traders Enjoy.

Gold may witness some profit-taking at higher levels but overall trend looks positive, SMC Global said in a note, adding that MCX gold has support at ₹45,000 while silver has support near ₹42,500.

In global markets, gold rates were flat today but managed to hold on to near a one-month high. Worries over economy amid the coronavirus outbreak and fresh stimulus measures announced by US Federal Reserve last week helped support gold. Spot gold were flat at $1,686.82 per ounce. Among other precious metals, silver gained 0.5% to $15.40, while platinum eased 0.3% to $745.74.

Large scale quantitative easing measures taken by various central banks have lifted gold higher, says Hareesh V, head of commodity research at Geojit Financial Services.

Read More : Commodities Weekly Technical Research Report 13 — 17 April 2020 – Gold Silver Reports

“Investors’ demand for safe havens due to fears of a global recession amid the negative economic impact of COVID 19 will also support the yellow metal. At the same time, moderate physical activities and a strong dollar may limit major gains,” he added.

On technicals, he said, bullish momentum may continue as long as prices (London spot) stay above $1,642. “Intra-day resistance is seen at $1695, a direct break above the same would lift prices higher to $1705 or even more towards $1740 levels. Immediate downside turnaround point is seen at $1,620,” Mr Hareesh

Last week, the US Federal Reserve announced a $2.3 trillion stimulus package to bolster local governments and small and mid-sized businesses. Also on Thursday, European Union finance ministers agreed on half-a-trillion euros worth of support for their coronavirus-battered economies.

Investment demand for gold continued to rise. The holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.56% to 994.19 tonnes on Thursday.