Following the US Q1 GDP numbers, which came in 1.6% lower than expected (2.5%), gold prices rose yesterday. Higher Treasury rates are supported by a sharp increase in Q1 inflation to 3.7%, which dampens prospects for an early reduction in Fed policy.
Gold and Silver consolidate around $2300 and $27 respectively
Despite a stronger US dollar and higher US Treasury rates, gold recovers from recent losses thanks to Chinese market demand. Gold prices got support around $2305 and prices have reversed and it is expected that prices will be consolidating between $2300-2350.
Gold and Silver get supports after steep fall
Gold prices got support around $2305 and prices have reversed and it is expected that prices will be consolidating between $2300-2350. While Silver has got strong support around $27 and an uptrend line extending from $22 to $30 on Daily charts.
Gold and Silver nosedives as Middle East tensions ease
As forecasted, gold prices have fallen 5.5% to $2310 (Rs 70500) now after touching a high of $2448 (~Rs 74000) in the first week of April and trading stable last week as Middle East tensions ease. Even Silver prices have fallen 10% to $27 (~Rs 80000) now after touching a high of $30 (~Rs 86000).
How long Middle-East Tensions can hold up Bullion Price?
Chaos in the Middle East continues to generate a geopolitical safe-haven bid in the Gold and Silver market, but there are signs that the precious metal’s bull run is losing momentum.
Gold sustains above $2400 amid risk aversion
The financial markets are seeing a surge in risk aversion following the confirmation that Israeli rockets had attacked an Iranian target, hence intensifying geopolitical tensions in the Middle East.
Gold and Silver consolidating around $2400 and $28 respectively
The quest for a safe haven remains strong due to the growing geopolitical tensions in the Middle East. In retaliation for Iran’s attack on Israel, the US issues a warning regarding sanctions. The Fed’s “higher for longer” interest rate policy counteracts the demand for safe haven assets, but the price of gold is still rising.
Gold in wait-and-see mode, around $2400
Iran’s attack on Israel increased demand for safe havens, which in turn drove up the price of bullion, although significant increases were hampered by the strength of the dollar. Although it appears that most of the tension between Iran and Israel has been priced into gold prices, fresh friction or retaliation would likely drive prices higher.
All targets achieved in Gold above $2400 and Silver around $30… Price Retracement expected In the short-term…
Gold prices have sky-rocketed to trade at a record high price of $2448.75 (Rs 73958) and Silver to $29.90 ( Rs 86093) amid heightened geopolitical tensions in the Middle East and speculative buying…
Gold crosses the $2400 psychological level
As forecasted, gold has achieved the short-term target of $2400 (Rs 72500). Gold has achieved all the targets and is in the overbought zone. It seems gold prices can top out today and fall steeply next week.