Bullion prices under pressure on Dollar strength

Fundamental News and Triggers

The rising dollar is putting pressure on the prices of gold and silver. The recent increase in the DXY and yields may have been prompted by President Austan Goolsbee of the Federal Reserve Bank of Chicago’s hawkish remarks.


Fears of further US-China conflict amid Beijing’s recent announcement to restrict drone exports in
retaliation to US tech and trade war tactics, by citing “national security” measures, may also be
supporting the US dollar’s strength.

Technical Triggers

Gold is expected to trade in the range of Rs Rs 58800 and Rs 60000 for the next few days. 

Last week’s low of Rs 73400 in Silver is very crucial, if broken can drag prices to Rs 71000.
Otherwise, if we see recovery, the next resistance is Rs 75000

Support and Resistance

 

 

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