He further noted that volatility in precious metals is likely to persist throughout the week due to movements in the dollar index, changes in crude oil prices and ongoing uncertainty over a potential peace understanding between the U.S. and Iran.
Jain stated that gold currently has support in the range of $4,515-$4,470 per troy ounce, with resistance placed around $4,600-$4,640 per troy ounce. For silver, support is seen between $75.50 and $72 per troy ounce, while resistance levels are placed at $80-$82.80 per troy ounce during the ongoing session.
On the MCX, he identified gold support levels at Rs 1,57,000-Rs 1,55,500 and resistance between Rs 1,59,400 and Rs 1,60,650. For silver, support is expected near Rs 2,66,600-Rs 2,61,200, while resistance is likely around Rs 2,77,700-Rs 2,83,000.
He also advised investors to avoid initiating fresh positions in bullion until the market shows signs of greater stability.
