Daijiworld Media Network – Mumbai
Mumbai, Jun 12: As global markets navigate through geopolitical uncertainties and shifting monetary policies, gold and silver continue to command attention as preferred safe-haven assets. On Thursday, market analysts signalled a cautiously bullish trend for both metals, with strategic trading levels outlined for investors seeking short-term opportunities.
Gold has shown signs of a recovery after witnessing a dip from its recent highs. Technically, the yellow metal is trading above a falling channel on the weekly charts, indicating a bullish phase supported by a pattern of higher highs and higher lows.
Experts at Nuvama Professional Clients Group observe Rs 96,600 as a crucial support level. A breach below this could trigger bearish pressure, pushing prices towards Rs 95,000. However, if gold maintains momentum above Rs 96,100, bulls may aim for a rally towards Rs 99,000 — a level which, if broken, could mark the continuation of the upward trend.
• Current Market Price (CMP): Rs 97,360
• Target: Rs 99,000
• Stop-loss: Rs 96,600
"Prices are holding firm above the channel, and as long as Rs 96,600 sustains, the sentiment remains in favour of buyers,” said Abhilash Koikkara, Head – Forex & Commodities, Nuvama.
Silver continues its impressive performance after breaching the Rs 1,01,000 resistance mark. With prices hovering above Rs 1,06,000, the next milestone lies at Rs 1,10,000, backed by both industrial demand and macroeconomic tailwinds.
Support is identified near Rs 1,04,000, which is seen as a springboard for a potential bounce to Rs 1,07,000 or higher. The broader outlook is boosted by China’s economic stimulus measures and global investor sentiment favouring precious metals amidst geopolitical uncertainty.
• Current Market Price (CMP): Rs 1,06,500
• Target: Rs 1,10,000
• Stop-loss: Rs 1,04,000
“Silver’s breakout and sustained positioning above key levels point to further upside, driven by demand from both investors and industrial sectors,” Koikkara added.
With strong technical support levels in place and broader economic cues favouring precious metals, both gold and silver appear poised for short-term gains. Analysts recommend a “buy on dips” strategy while keeping an eye on key support levels for timely exits or re-entries.
Investors are advised to stay vigilant and closely monitor global signals, including U.S. Fed commentary and developments in international trade relations, for swift price movements.