Fundamental News and Triggers

• The gold rally remains intact as investors await Trump’s tariff announcement today. Gold has skyrocketed, up 20% year to date, as nervous investors raced to the safe-haven commodity ahead of pronouncements on retaliatory tariffs from the United States, which could exacerbate the global trade war.
• Trump stated that he will implement “reciprocal tariffs” on April 2, implying that many countries with existing charges on US exports may face additional trade barriers. The White House claimed that Trump’s upcoming tariffs will take effect immediately once they are announced on Wednesday.
• US Treasury Secretary Scott Bessent confirmed on Tuesday that the tariffs imposed on Wednesday are the highest they will go. Countries may then reduce tariffs.
• Trump’s tariff measures might raise inflation, slowing economic growth and intensifying trade tensions.

Technical Triggers

• Gold active June contract has sustained above $3150 (~Rs 91000), next psychological resistance is $3200 (~Rs 92000)
• Silver is still trading in its range of $32 to $35. If prices sustain above $35, it can continue this uptrend, for the next target of $38 (Rs 110,000).

Support and Resistance

 

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