Fundamental News and Triggers

• The price of gold is still trapped in a small trading range due to conflicting underlying signals. The metal is supported by geopolitical worries, although recent advances are limited by the strength of the USD. Additionally, traders were hesitant to place directional bets, waiting to see what happens with the US NFP report, which is expected to be announced today.
• Hezbollah shot around 230 rockets from Lebanon into Israeli territory on Thursday and Israel began strikes early on Friday targeting Hezbollah’s intelligence offices in the southern suburbs of Lebanese capital Beirut.
• Iran launched approximately 180 ballistic missiles on Tuesday night; Israel is planning a massive counterattack within days, increasing the likelihood of a full-scale war and supporting the Gold market.

 

Technical Triggers

• Gold remains supported around $2650 (Rs 75400) and resistance is around $2700 (Rs 76500).
• Silver has touched its resistance level of $33 (~Rs 96450) and retreated from that level. The next support is $31 (~Rs 92000).

 

Support and Resistance

 

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