Views on Gold & Silver - Feb 22, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold ended higher on Monday with gold settling above $1900/ounce as Russia's Putin orders forces to breakaway regions in Ukraine.

International spot silver ended flat to lower on Monday.

U.S. markets were closed on Monday for the Presidents Day holiday.

Domestic gold, silver and the bullion Index futures ended marginally weaker on Monday.

Tension escalated further after the Kremlin announced Putin would sign a declaration recognizing two breakaway regions in eastern Ukraine as independent. The EU warned it would consider sanctions if the regions are recognized as independent.

European financial markets tumbled at signs of increased confrontation and supported the yellow metal.

International gold spot and futures started higher this Tuesday morning in Asian trade after Russia ordered troops into breakaway regions of eastern Ukraine, boosting demand for the safe-haven metal.

Technically, if Spot LBMA Gold trades above $1900.02 level, it could continue the bullish momentum up to the resistance zone at $1913.65-$1921.65. A trade below could pull the prices to the support zone at $1892.00-$1878.39.

Domestic gold prices could start stronger this early Tuesday morning tracking the overseas prices.

Technically, if MCX Gold April trades above 50000 level, it could continue the bullish momentum up to the resistance zone at 50225-50370. A trade below could pull the prices to the support zone at 49850-49620.

International silver spot and futures have started higher this early Tuesday morning in Asian trade, tracking gold prices.

Technically, if Spot LBMA Silver trades above $23.885 level, it could witness a bullish momentum up to the resistance zone at $24.105-24.270. A trade below could pull the prices to the support zone at $23.720-$23.505.

Domestic silver prices could start stronger this early Tuesday morning tracking the overseas prices.

Technically, if MCX Silver March trades above 63540 level, it could witness a bullish momentum up to the resistance zone at 63805-64015. A trade below could pull the prices to the support zone at 63325-63060.