Fundamental News and Triggers

• Gold is steady above $1950 and Silver above $25 as Dollar Index is pinned to a 15–month low below 100 levels after signs of cooling inflation which has bolstered bets that FED will stop hiking interest rates soon.

• Gold bulls are put to the test by worries about China’s sluggish economic transition and conflicting worries about inflation as market participants wait for the United States Retail Sales data to resolve their impasse on the trading floor.

 

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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