Fundamental News and Triggers

• The gold price has regained bullish momentum as US tariff concerns support safe-haven assets. With gold prices supported above $3250, the upward trend continues, and as long as tariff uncertainty persists.
• Fed Governor Waller also supported the precious metal on Monday, stating that if Trump’s massive tariffs continue in place, interest rates may need to be slashed shortly.
• Currently, traders are pricing in roughly 86bps worth of easing by year-end, with the majority expecting the Fed to keep rates next month.
• Meanwhile, the US dollar tries to rebound from its lowest level since April 2022, reached last Friday, as concerns about the potential economic damage from tariffs fueled recession fears.

Technical Triggers

• The gold active June contract has one way rallied from $3000 to $3240 in the last two days. The next resistance target is $3300(~Rs 95000).
• Silver after achieving the target of $32 (~Rs 94000), We are likely to see this rally extending further towards $33 (Rs 95500) and beyond this week.

Support and Resistance

 

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