The price of gold was muted on January 21 in the international market and was on track for the second weekly rise in a row because investors turned to Safe-Haven assets while waiting for a signal of a rate hike from the US Federal Reserve meeting next week.

In the multi-commodity exchange (MCX), the gold contract traded slightly down 0.05 percent to Rs 48,484 for 10 grams at 9.21 and silver futures fell 0.35 percent to Rs 65,150 per kilogram.

Gold and silver show high volatility on Thursday in the midst of volatility in the dollar index. Both precious metals settled with mixed records in the international market. The Futures Futures gold contract was completed at $ 1842.60 per troy ounce with a loss of 0.03% and the March silver futures contract was completed at $ 24.72 per troy ounce with a 2.01% increase. We expect the price of gold and silver remains positive and corrective sauce will be a good purchase opportunity at a lower level. Gold has support at $ 1830-1814 per troy ounce and resistance at $ 1855-1870 per troy ounce while silver has support of $ 24.40-24.20 per troy ounce and resistance at $ 25.00-25.20 per troy ounce, said Manoj Kumar Jain, Prithvi Finmart Commodity Research.

At MCX, gold has support at Rs 48220-48055 and resistance at Rs 48550-48770 while silver has support at Rs 64900-64500 and resistance at Rs 65800-66200. We recommend buying gold on dips around Rs 48250 with RS 48055 for RS 48700 target, he added.

Trade strategy

Ravindra Rao, CMT, Lepat, VP-Head Commodity Research in the Securities Box

The Comex Gold traded slightly lower near $ 1839 / oz after near flat near yesterday when tested for 2 months. Gold stops because the US dollar index bounces again after a short correction gets support from expectations that the Fed can tighten monetary policy at a faster speed. However, supporting prices retreated in the bond results from the highest recently, inflation problems, geopolitical tensions and viral problems. Gold has declined after failing to pass the level of $ 1850 / oz and some expanded corrections cannot be ruled out in the middle of the position ahead of next week’s Fed meeting next week.

Abhishek Chauhan, Head of Commodity & Currency in Investmart Swastika

Increased unemployment claims data from the price of US gold and silver supported. The dollar repeated the opposite gold price, down 0.10% in the previous trading session while the bonds rose slightly. Crude oil prices rose around 0.80% showing further inflation. Gold has resistance at Rs 48700 and supports Rs 48300. Silver has resistance at the RS 65500 and supports Rs 64400.

Vidit Garg, Director, Mygoldkart

Gold and silver touched two months highs on Thursday, appointed with concerns around inflation and Russian-Ukrainian tension also fell equity supporting the metal market as a hedge that emerged. Technically, the RSI enters the overbought zone on the daily chart above 70 and falls below 60 can bring other corrections may push upside down, traders can have a short metal today under $ 1834 for the target of $ 1834.