Manoj Kumar Jain of Prithvi Finmart told ET that gold is expected to find support in the $4,220-$4,174 per troy ounce range, while resistance levels are placed between $4,340 and $4,385 per troy ounce.
For silver, he identified support at $61.20-$59.10 per troy ounce and resistance in the $67.70-$70.00 range.
In the domestic market, Jain expects gold on the MCX to have support between Rs 1,51,150 and Rs 1,50,000, while resistance is seen at Rs 1,53,500-Rs 1,54,400.
Silver, meanwhile, is likely to find support in the Rs 2,33,300-Rs 2,28,800 band, with resistance levels placed at Rs 2,41,400-Rs 2,45,000.
Jain advised traders to avoid taking fresh positions in gold and silver at current levels and wait for greater clarity in price action. However, he said long-term investors may use the ongoing correction to gradually build exposure through the SIP route.
