Fundamental News and Triggers

• Last week’s stronger-than-expected US PMI prompted the Federal Reserve to delay the first interest rate cut of the year, limiting gold’s potential rise.
• Geopolitical concerns in the Middle East and Ukraine may drive safe-haven movements, potentially boosting gold prices in the near term.
• This week’s key US economic statistics will be the final reading of GDP for the first quarter on Thursday and the PCE Price Index for May, which is coming on Friday.
• Any sign of an easing inflation trend might lead to the assumption of Fed rate cuts in 2024. This, in turn, might drag the Dollar index lower and create a tailwind for Gold.

 

Technical Triggers

• Gold is trading in the range of $2300 to $2380 with a descending trend channel from the past few days, prices need to give a breakout on either side for a new directional trend.
• Silver has formed Double Top formation around $32.5 on daily charts time frame. As prices have closed below the important support of $29.5, the Double top formation target is $28.50 and $26.50.

 

Support and Resistance

 

 

 

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