Fundamental News and Triggers

• Gold prices have surged to an all-time high today, fueled by a lower dollar, trade war tensions, and concerns about global economic growth as a result of US President Donald Trump’s tariff plans, which prompted safe-haven inflows.
• On Tuesday, President Trump ordered a probe into potential duties on all vital mineral imports, signaling a tougher stance on trade and potentially influencing relations with important suppliers, notably China.
• This development somewhat negates the market relief provided by the recent exclusion of certain tech products from reciprocal tariffs, as well as the suggestion of possible exemptions for auto parts.
• Increasing chances of a deeper recession, another turn in the geopolitical landscape, disruptions in global supply chains, and fears of increasing inflation coupled with a changing rate outlook suggest that gold will maintain its strong position in the near future.

Technical Triggers

• As the gold active Jun contract has sustained above $3245, is expected to continue its bullish momentum to touch $3300 (~Rs 95000) and $3320 (~Rs 95500) going ahead.
• 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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