Fundamental News and Triggers

• The demand for gold and silver as safe havens has decreased today as some uncertainty around Iran has eased, but pressure from worries about U.S. interest rates has remained.
• Due to traders’ increased worry about geopolitical unrest in the Middle East following the death of Iran’s president in a helicopter accident, gold saw a record high on Monday.
• The Federal Reserve policymakers said yesterday that they needed much more evidence that inflation was down before it could start reducing interest rates. Rate increases by the central bank are probably coming to stay.

 

Technical Triggers

• Gold has made a double top around $2450, prices are expected to retrace now towards $2380.
• Silver prices are getting bullish support from positive momentum in gold and copper prices. Silver has strong support at 92000, if prices sustain below this level, it means it has topped out and is expected to retrace further towards 90000 and 87500

 

Support and Resistance

 

 

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