Fundamental News and Triggers

• The Dollar Index is hovering near its lowest level since April 2022, and the precious metals market has begun its new bull run as a result of growing expectations that the FED may soon end its cycle of tightening monetary policy.

• Markets bet that the Federal Reserve was nearing the end of its cycle of rate hikes due to easing inflation, which continued to act as a tailwind for the price of gold and silver, causing the Dollar Index to plunge sharply and hover at 15-month lows.

 

Technical Triggers

• The gold price will continue to rise toward the subsequent leg higher of $1975 to $1985 as long as it remains stable above the demand zone between $1945 and 1940.

• Silver has started its new bull run, crossing all major resistance. The next level to watch for is $26 (Rs 78000), if that is cleared, we can see prices touching $30 (Rs 88000-90000) as the next target.

 

Support and Resistance

 

 

 

 

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