Gold, silver prices: Where are precious metals headed? Support, resistance levels

Why are gold and silver prices under pressure?

Sugandha Sachdeva, Founder of SS WealthStreet, said the strengthening US dollar and uncertainty surrounding the Federal Reserve’s interest-rate trajectory were restricting the recovery in precious metals.

“The strengthening greenback, coupled with persistent uncertainty surrounding the Federal Reserve's interest rate trajectory, has been exerting downward pressure on precious metals, restricting their ability to stage a meaningful recovery,” Sachdeva said in the analyst note shared.

Elevated crude oil prices are another factor to watch, as persistent energy-driven inflation could encourage the US Federal Reserve to maintain a restrictive monetary policy for longer.

Market attention is now focused on US Consumer Price Index (CPI) data. Higher-than-expected inflation could strengthen the dollar and weigh on bullion prices, while softer inflation could ease pressure on the dollar and bond yields, potentially supporting gold and silver.

Gold and silver: Key supGold, silver prices: Where are precious metals headed? Support, resistance levelsport and resistance levels

For international gold, $4,100 per ounce remains a crucial support level, while $4,240 is a key resistance. In the domestic market, MCX gold has support at ₹1,48,000 per 10 grams, with immediate resistance at ₹1,51,500.

For international silver, $58.50 per ounce is a key support, while $62.50 is the resistance to watch. In the domestic market, ₹2,17,500 per kilogram is an important level identified in the analyst note.

Whether gold and silver become cheaper will depend on inflation data, movements in the US dollar and crude oil prices, and the Federal Reserve’s policy outlook. These support and resistance levels are technical indicators, not guaranteed price targets.