Fundamental News and Triggers

• Auspicious day “Akshaya Tritiya” is here again to buy gold. Silver is also getting a boost from the gold run-up and prices trading at near record high levels of Rs 85000. Further gains are expected in Gold and Silver, so the best way to start investing in precious metals is to start SIP on this auspicious day.
• Gold’s value has increased significantly as a result of recent global events, which is consistent with its reputation as a safe-haven asset and its attraction during low interest rate times.
• Gold’s attractiveness as a protective investment is further enhanced by geopolitical concerns, such as an extended standstill in ceasefire negotiations between Israel and Hamas and the rising crises in places like Ukraine.

 

Technical Triggers

• For more than two weeks, the price of gold has been stabilizing and ranging between $2300 and $2360. A rise over $2360 would open the door for a retest of previous highs above $2400.
• The next obstacle for the Silver Bulls is $29, where a resistance zone has developed. If prices sustain above this level, the next target is $30.

 

Support and Resistance

 

 

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