Views on Gold & Silver - Feb 21, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold and silver ended flat to higher on Friday on U.S.-Russia plan for talks over Ukraine.

Domestic gold, silver and the bullion Index futures also ended flat to higher on Friday, tracking overseas futures.

A potential Russia-U.S. meeting cooled some nerves about an escalation in the Ukraine conflict is likely to keep a lid on gold.

Although there could be some selling interest going ahead of the meeting, especially with a U.S. holiday on Monday.

The U.S. Dollar ended higher on Friday, but the benchmark bond yields eased further and capped downside in bullion.

International gold spot and futures started weaker this early Monday morning in Asian trade as hopes of U.S.-Russia talks calm markets.

U.S. is shut today on account of President's Day holiday, so volumes could remain low.

Technically, if LBMA spot Gold trades above $1890 level it could witness a bullish momentum up to the resistance zone at $1905-$1918. Support zone is at $1885-$1873.

Domestic gold prices could start weaker this early Monday morning tracking the overseas prices.

Technically, if MCX Gold April trades above 50100 level, it could witness a bullish momentum up to the resistance zone at 50250-50500. A trade below could pull the prices to the support zone at 50050-49800.

International silver spot and futures have started weaker this early Monday morning in Asian trade, tracking gold prices.

Technically, LBMA spot Silver holds resistance zone near $23.90-$24.00. Support zone is at $23.40-$22.10.

Domestic silver prices could start weaker this Monday morning tracking overseas prices.

Technically, if MCX Silver March trades above 63600 level, it could witness a bullish momentum up to the resistance zone at 64200-65000. A trade below could pull the prices to the support zone at 63100-62800.