Manoj Kumar Jain of Prithvi Finmart told ET gold and silver continued to witness sharp price swings, though silver was expected to maintain support near $76 per troy ounce, while gold was likely to remain supported around $4,555 per troy ounce on a weekly closing basis.
Jain stated that gold faces support in the $4,640-$4,610 per troy ounce range, whereas resistance is placed between $4,740 and $4,770. For silver, support levels are seen at $82.40-$80.00 per troy ounce, while resistance is expected around $88.80-$92.00 during the ongoing session.
In the domestic market on MCX, gold is likely to find support between Rs 1,52,800 and Rs 1,52,100, with resistance placed in the Rs 1,54,000-Rs 1,54,850 range. Silver, meanwhile, has support at Rs 2,74,400-Rs 2,70,700, while resistance is estimated between Rs 2,83,000 and Rs 2,88,000.
He further advised traders who are holding long positions in gold and silver to consider booking profits once prices approach the suggested target zones.
