Fundamental News and Triggers

• The price of gold reached a new all-time high of $2286 (about Rs 69485) yesterday, and there are two main drivers supporting this remarkable rise. 
• First, traders are now pricing in a greater likelihood that the Federal Reserve would slash interest rates again, most likely starting in June.
• Concurrently, rising geopolitical tensions have contributed to the appeal of gold as a safe-haven asset. Concerns over the prolonged war between Russia and Ukraine and the growing bloodshed between Israel and Hamas have fueled investors’ flight to the precious metal due to its seeming steadiness.

Technical Triggers

• As suggested earlier, gold prices need to sustain above $2200 to start a new bull run, gold prices touched a new record high. As oscillators are in the overbought zone, we could see some profit-booking or retracement going ahead.
• Silver prices are facing strong resistance at $26 and are consolidating around $25. Prices need to sustain above $26 to continue a new bull run.

Support and Resistance

 

 

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