Gold and Silver Outlook - March 31, 2022 - Reliance Securities

International spot and COMEX gold and silver prices rebounded on Wednesday as the dollar fell.

While prices also found support amid renewed doubts about the possibility of a ceasefire between Russia and Ukraine.

Domestic gold, silver and the bullion Index futures also rebounded on Wednesday, tracking overseas prices.

The Kremlin welcomed that Kyiv had set out its demands for an end to the conflict in Ukraine in written form but said there was no sign of a breakthrough yet.

U.S. Treasury yields fell, while a key part of the yield curve steepened on Wednesday, unwinding recent moves betting that aggressive Federal Reserve policy tightening could send the world's largest economy into recession as it tries to curb soaring inflation.

The most active Call strikes for March expiry option gold contract is 51000, 52000, 53000, 54000, 55000 and 56000.

The most active Put strikes for March expiry option gold contract is, 49000, 50000, 51000 and 52000.

International gold spot and COMEX futures have started weaker on Thursday morning in Asian trade as investors await inflation data for further cues.

Jobless claims data could also have an impact on markets.

Technically, if COMEX Gold June trades below $1934.17 level it could continue a bearish momentum up to the support zone at $1924.93-$1910.87. However, a trade above could push the prices to the resistance zone at $1948.23-$1957.47.

Domestic gold prices could weaker this early Thursday morning, tracking a negative start in the overseas markets.

Technically, if MCX Gold June trades below 51685 it could continue a bearish momentum up to the support zone at 51500-51225. However, a trade above could push the prices to the resistance zone at 51960-52145.

International silver spot and COMEX futures have started weaker this early Thursday morning in Asian trade as investors await jobless claims and inflation data.

Technically, if COMEX Silver May trades below $25.078 level it could witness a bearish momentum up to the support zone at $24.890-$24.670. However, a trade above could push prices to the resistance zone at $25.300-$25.490.

Domestic silver prices could start weaker this early Thursday morning, tracking a negative start in the overseas markets.

Technically, if MCX Silver May trades below 67430 it could witness a bearish momentum up to the support zone at 67060-66715. However, a trade above could push prices to the resistance zone at 67775-68140.