He expects both gold and silver to remain highly volatile this week, driven by movements in the dollar index and crude oil prices, as well as ongoing uncertainty surrounding major US economic data releases and developments in the US-Iran situation.
Jain noted that gold is likely to receive support in the $4,522-$4,470 per troy ounce range, while resistance is expected between $4,600 and $4,640 per troy ounce. For silver, immediate support is seen in the $70-$68 range, whereas resistance is likely to emerge between $74.40 and $76.60 per troy ounce during the current session.
In the domestic market, he sees MCX gold finding support between Rs 1,48,400 and Rs 1,47,700, with resistance placed in the Rs 1,49,800-Rs 1,50,500 zone. MCX silver is expected to find support in the Rs 2,35,500-Rs 2,33,000 range, while resistance is projected between Rs 2,41,000 and Rs 2,44,400.
He recommends that investors avoid taking fresh positions until market conditions become more stable.
