International spot precious metals reversed course and ended weaker while on COMEX came off session highs on Thursday with spot gold falling below the key $1,900 as
equities rebounded after U.S. President Joe Biden unveiled harsh new sanctions against Russia.
Domestic gold, silver and the bullion Index futures ended with solid gains on Thursday.
Biden hit Russia with a wave of sanctions on Thursday after Moscow invaded Ukraine, measures that impede Russia's ability to do business in major currencies along with sanctions against banks and state-owned enterprises.
If current sanctions are the limit of the response, the economic impact is limited. So, investors covered their shorts in stocks, and this weighed on bullion.
However, Russia's invasion of Ukraine is a gamechanger and demand for safe-havens will remain elevated and gold prices will likely see strong support over the short term.
International gold spot has started higher, while COMEX futures have started weaker this Friday morning in Asian trade as investors will look cues from inflation data tonight.
Technically, if COMEX Gold April trades below $1927.13 level it could witness a bearish momentum up to the support zone at $1877.77-$1829.23. A trade above could push prices to the resistance zone at $1975.67-$2025.03.
Domestic gold prices could flat to weaker this early Friday morning, tracking COMEX prices.
Technically, if MCX Gold April trades below 51715 level it could witness a bearish momentum up to the support zone at 50630-49715. A trade above could push prices to the resistance zone at 52630-53710.
International silver spot has started higher, while COMEX futures have started weaker this Friday morning in Asian trade.
Technically, if COMEX Silver May trades below $24.765 level it could witness a bearish momentum up to the support zone at $23.825-$22.940. A trade above could push prices to the resistance zone at $25.650-$26.590.
Domestic silver prices flat to weaker this early Friday morning, tracking COMEX prices.
Technically, if MCX Silver May trades below 67240 level it could witness a bearish momentum up to the support zone at 65555-64215. A trade above could push prices to the resistance zone at 68585-70270.
