Gold - Jan 29, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices remained range bound this Friday morning trade and early afternoon trade in Asia.
Upside was capped as a stronger dollar dented the precious metal s safe haven appeal.
Investors remain focussed on the U.S. stimulus deal as a smaller stimulus or delay in getting the aid passed could weigh on gold prices.
Technically, LBMA Gold Spot is sustaining below 200-DMA below $1848 levels indicating that the Bearish momentum could continue up to $1833-$1825 levels. Resistance is at $1848-$1856 levels.
Domestic gold bucked the overseas trend and is trading modestly higher this Friday morning trade and early afternoon trade.
Retail frenzy pushes silver prices above Rs 70,000/kg, forces traders to cover short positions
In the futures market, silver for March delivery touched an intraday high of Rs 70,682 and a low of Rs 68,353 per kg on the MCX.
Silver
Silver prices climbed to Rs 69,698 per kg on January 29 as participants increased their long positions as seen by the open interest. The precious metal had gained 2.1 percent on January 28 on the COMEX.
The white metal extended gains in the afternoon session after a gap up open, tracking firmness in gold prices and retail frenzy amongst retail traders caused by interest chatter on Twitter and Reddit.
Silver - Jan 29, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
International silver was trading weaker this Friday morning trade and early afternoon trade in Asia having gained on Thursday as traders covered short positions on rumours about a short squeeze driven by retail investors.
Technically, LBMA Silver Spot has given a sharp rise above $26.00 levels indicating a positive breath up to $26.87-$28.17 levels. Support is at $26.00-$25.20 levels.
Domestic silver bucked the overseas trend and is trading solidly higher this Friday morning trade and early afternoon trade.
Technically, MCX Silver March is trading above 69000 indicating a bullish momentum to continue upto 69900-70800 levels. Support is at 68150-67500 levels.
Rupee - Jan 29, 2021 - Reliance Securities
Posted On:
Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities
The Indian Rupee appreciated on Friday and appreciated marginally in the first month of the new year against the U.S. currency supported by portfolio inflows into the domestic equity markets.
However persistent intervention by the central bank and a broad rally on the dollar index capped gains of the currency.
The Rupee ended at 72.95 to the dollar compared with 73.04 on Thursday.
The unit ended flat for the week, but gained 0.2% in January, after appreciating 1.3% in the previous month.
The focus of the market is currently on the upcoming federal budget on Monday.
Silver futures slip 0.73% to Rs 66,049 per kg on firm dollar
In the futures market, silver for March delivery touched an intraday high of Rs 66,095 and a low of Rs 65,501 per kg on the MCX.
Silver
Silver prices fell to Rs 66,049 per kg on January 28 as participants increased their short positions as seen by the open interest. The precious metal had risen 0.6 percent on January 27 on the COMEX.
The white metal traded in the red after a gap down open tracking weakness in gold, firm US dollar after the US Federal Reserve kept rates unchanged.
Silver prices were pressured downward by downbeat growth outlook and lack of hint of fresh measures dampened risk sentiment boosting the US dollar.