February 14, 2023 / 10:18 AM IST

Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices traded lower on Monday, with silver hitting a 2.5-month low and gold a five-week bottom. The near-term chart postures for both metals have deteriorated recently, and hence the bullions are witnessing some technical selling pressure. Also, liquidation in the gold and silver futures markets featured yesterday, ahead of a key U.S. inflation report.

The dollar index and the US10-year bond yields were steady on Monday ahead of the USinflation reports.

We expect gold and silver to remain volatile in today’s session. Gold has support at USD 1847-1834 while resistance is at USD 1870-1882. Silver has support at USD 21.65-21.50, while resistance is at USD 22.17-22.30.

In INR terms gold has support at Rs 56,180-55,960, while resistance is at Rs 56,720, 56,980. Silver has support at Rs 65,450-65,020, while resistance is at Rs 66,650 - 67,080.