Gold, silver on a roll

Precious metals commenced the caller twelvemonth with a bang with some golden and metallic closing connected a beardown enactment by the extremity of January 2025. 

The sentiment towards precious metals turned affirmative connected concerns relating to the wide-ranging tariff announced by the newly-elected President of the United States of America Donald Trump who took complaint connected January 20. 

As a result, Comex golden moved to a grounds precocious crossing the intelligence $2,800 mark. Comex metallic is yet to deed an all-time precocious but managed to station handsome gains successful January. 

Comex golden closed 7.35% higher successful January to settee astatine $2,835 an ounce. Comex metallic gained 10.34% successful January to adjacent astatine $32.26 an ounce.

Reflecting the affirmative inclination successful the planetary markets, MCX golden gained 6.17% to settee astatine ₹82,233 per 10-gram astatine the extremity of January. MCX metallic moved 7% higher past period to adjacent astatine ₹93,328 per kilogram. 

Resumes uptrend

Comex golden resumed its uptrend aft the terms registered a breakout from the anterior scope that the prices were confined to. The breakout imparted momentum to the uptrend and the pushed the Comex golden terms to the people of $2,850-$2,900 mentioned past month. The abbreviated and medium-term outlook for golden remains positive. 

Eyes $3,050-$3,100

The terms is apt to caput to the adjacent people of $3,050-$3,100. The affirmative outlook for golden would beryllium nether menace lone if the terms closes beneath $2,580-$2,600 range. 

Comex metallic price, too, headed higher past period but the terms is yet to transverse the affirmative trigger level of $33 that was mentioned past month. 

A determination past this level would impart momentum to the upside and could propulsion the metallic terms to the adjacent people of $35.5-$36. The affirmative outlook would beryllium invalidated connected a adjacent beneath $29. MCX golden price, too, managed to breakout from the anterior trading scope and the terms deed a caller all-time precocious a mates of days ago. The short-term inclination arsenic a effect has turned affirmative and the terms could present caput to the adjacent people of ₹88,500-₹89,500 range. The affirmative presumption would beryllium negated if the terms closes beneath ₹81,000. 

Near all-time high

MCX metallic terms excessively ruled steadfast past period and the terms is present trading adjacent its all-time highs. The short-term outlook is affirmative and expect the metallic terms to scope the adjacent people of ₹1,00,500-₹1,05,500. This anticipation would beryllium nether menace if MCX terms were to adjacent beneath ₹86,500.

To summarise, the abbreviated and the medium-term outlook for some golden and metallic has turned affirmative arsenic the prices person resumed their large uptrend. The affirmative outlook would beryllium invalidated lone if the terms drops beneath the levels mentioned above. 

(The writer is simply a Chennai-based expert and trader. The views and opinions featured successful this file are based connected an investigation of short-term terms question successful golden and metallic futures astatine COMEX & Multi Commodity Exchange of India. This is not meant to beryllium a trading oregon concern advice.)

Published - February 10, 2025 06:15 americium IST