Fundamental News and Triggers

• Gold finished 2023 with a 15% gain and is off to a solid start in 2024. Lingering Middle-East geopolitical concerns have investors on edge as the new year begins, supporting sentiment toward the traditional safe-haven gold.
• Markets are concerned that this instability, with the ongoing Israel-Gaza conflict, will lead to greater regional unrest, sending investors fleeing to safe havens like gold and the US dollar.
• The focus now switches to the top-tier US economic data releases this week, which are expected to resonate interest rate cuts from the US Federal Reserve this year. Markets are pricing in a 72 per cent chance of a Fed rate cut in March, with an 84 per cent chance for the May meeting.

 

Technical Triggers

• Gold prices are trying to have strong footing around $2080 (Rs 63400), which is a very strong resistance level. Once prices sustain above this level, we are likely to see it heading towards $2100 (Rs 64000).
• Silver prices are trying to create a base around $24 (Rs 74500), if prices sustain here, the next resistance and target is $24.80 (Rs 76000).

 

Support and Resistance

 

 

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