Bullion Report - Gold and Silver - Feb 24, 2022 - Reliance Securities

International spot gold and silver rose on Wednesday as investment dollars continued to pour into the metal from those seeking a hedge against inflation and from geopolitical tensions stirred by the Russia-Ukraine crisis.

Domestic gold, silver and the bullion Index futures ended with gains on Wednesday.

Ukraine declared a state of emergency on Wednesday and told its citizens in Russia to flee, while reports of cyber-attacks on several of its state websites added to geopolitical tensions.

The United States and its allies unveiled more sanctions against Russia over its recognition of two separatist areas in eastern Ukraine.

However, the U.S. edged higher on Wednesday as the latest developments in the Ukrainian crisis and capped further upside.

MCX Gold Options March

The most active Call strikes for March expiry option gold contract are 50000, 51000 and 52000.

The most active Put strikes for March expiry option gold contract is, 47000, 48000, 49000 and 50000.

International gold spot and futures have started higher this Thursday morning in Asian trade as tensions around Ukraine intensified, boosting demand for the haven asset.

Technically, if COMEX Gold April trades above $1904.80 level it could witness a Bullish momentum up to the resistance zone at $1918.50-$1926.60. A trade below could pull prices to the support zone at $1896.70-$1883.00.

Domestic gold prices could start higher this early Thursday morning, tracking overseas prices.

Technically, if MCX Gold April trades above 50250 level it could witness a Bullish momentum up to the resistance zone at 50545-50710. A trade below could pull prices to the support zone at 50085-49785.

MCX Silver May

International silver spot and futures started marginally higher this Thursday morning in Asian trade, tracking gold prices.

Technically, if COMEX Silver May trades above $24.450 level it could witness a Bullish momentum up to the resistance zone at $24.805-$25.016. A trade below could pull prices to the support zone at $24.240-$23.885.

Domestic silver prices could start stronger this early Thursday morning tracking the overseas prices.

Technically, if MCX Silver May trades above 65170 level it could witness a Bullish momentum up to the resistance zone at 65640-65890. A trade below could pull prices to the support zone at 64920-64450.