Indices trade flat with Nifty around 18,600; RIL, ICICI Bank positive contributors

June 12, 2023 / 10:05 AM IST

Expect gold and silver to remain volatile in today’s session: Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver witnessed high price volatility on Friday and settled on a mixed note. Gold had successfully closed in positive territory in the previous two weeks, but sentiment reversed last week as market participants anticipate that the Federal Reserve may not raise rates in this week’s U.S. FOMC meeting.

Market is cautious ahead of the FOMC meeting outcomes as the Bank of Canada and Reserve Bank of Australia increased their policy rates by 25 basis points each.

We expect gold and silver to remain volatile in today’s session. Gold has support at $1947-1936 while resistance is at $1964-1972. Silver has support at $24.01-23.82, while resistance is at $24.28-24.40. In INR terms gold has support at Rs 59,640-59,480, while resistance is at Rs59,980, 60,150. Silver has support at Rs73,180-72,520, while resistance is at Rs74,240–74,720.