Fundamental News and Triggers

• Gold and Silver prices are continuing in an uptrend rising every week. This week Gold has cleared resistance of $2750 (~Rs 78400) and is aiming for the level of $2800 (~Rs 80000) very soon. Silver has crossed the $34.35 (~Rs 98300) and is aiming for the $35 (~Rs 100,000) soon.
• The People’s Bank of China’s (PBoC) efforts to further loosen lending conditions by lowering interest rates, along with the growing demand for safe-haven assets as a result of the Middle East war, are driving up the price of precious metals.
• Israel intensified its bombardment of Beirut and is getting ready to strike Iran in retaliation when a bomb goes off close to Netanyahu’s residence.
• The overall sentiment of the market as well as any trade and policy developments from the three-day BRICS Summit, which starts on Tuesday, will serve as indicators for gold traders.

 

Technical Triggers

• Gold continues to rise steadily across all time frames (short, medium, and long), and it is currently headed towards its next goal, which is $2800 (~Rs 80000), after breaking over the $2700 barrier.
• Silver prices are trading at a 12-year high; after clearing the level of $33 (~Rs 95000) and it is likely to touch the next psychological target of $35 (~Rs 100,000) very soon, before heading for a correction.

 

Support and Resistance

 

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