The rally in precious metals is gathering pace, but gold and silver may need to overcome key resistance levels before extending their gains further.
Spot gold jumped nearly 3% to around $4,338 an ounce on Monday, while spot silver climbed about 4% to $70.66 an ounce, supported by a weaker U.S. dollar, easing geopolitical concerns and softer expectations for further monetary tightening, according to a note shared by Kotak Securities.
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For the bullish momentum to sustain, spot gold will need to decisively move above the immediate resistance level of $4,386.1 an ounce, Kotak Securities said. A breakout could pave the way for a rally towards $4,415.7 and eventually $4,511.8.
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Silver is also approaching a critical technical hurdle. The brokerage sees $72.06 an ounce as the key resistance level for spot silver. A move above that mark could trigger fresh upside towards $72.93 and $75.72.
The picture is similar in the domestic market. MCX Gold August faces immediate resistance at Rs 154,462 per 10 grams. Clearing that level could open the door for gains towards Rs 155,170 and Rs 157,462, according to the report.
Meanwhile, MCX Silver July is nearing a major resistance zone at Rs 256,312 per kg. A sustained move above that level could strengthen the bullish outlook and push prices towards Rs 258,450 and Rs 265,371.
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Kotak Securities said lower crude oil prices, a softer dollar and easing rate-hike expectations remain supportive for bullion. However, the brokerage cautioned that any hawkish signals from the U.S. Federal Reserve could temper gains.
“The near-term bias remains constructive, with monetary policy expectations likely to remain the dominant driver of precious metals,” Kotak Securities said in its Evening Track report dated June 15.
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