Fundamental News and Triggers

• The price of gold and silver is approaching a one-month high and has risen above significant levels as investors became cautious ahead of a series of important economic data points that fueled demand for the yellow metal as a safe haven.

• The yellow metal also benefited from indicators of softening global economic conditions and dollar weakness amid mounting predictions that the Federal Reserve was done hiking interest rates.

• Any indications of slower economic expansion and inflation are likely to raise expectations for an early rate reduction by the Fed, which might be advantageous for gold prices.

• This week’s reports on the purchasing managers index and consumer confidence in the United States are also anticipated.

 

Technical Triggers

• Gold Gold prices are trading just below the important resistance zone of $2015-2020 (Rs 61500 – 61800). Once the prices trade above these levels, the next target would be $2080 (Rs 63000).

• Silver has cleared strong resistance of $24 (Rs 73500), the next short-term target is $25 (Rs 76000).

Support and Resistance

 

 

 

 

 

 

 

 

 

 

 

 

 

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