Gold and Silver are on a bullish rally again

Fundamental News and Triggers

Gold is back above $2000 and Silver above $24 on Dollar weakness and sluggish US Treasury yields. US Dollar is at critical juncture of 101 levels, if it falls below that, it would continue its southward journey to 98 levels then.

Investors will be looking for more clues on the Fed’s monetary tightening plans in a key inflation gauge, the core Personal Consumption Expenditures (PCE) price index, today for more clues.

Technical Triggers

We have seen a bullish breakout in symmetrical triangle and pennant formation on daily Gold price chart.Next target is $2050 and $2070, which is new high for gold in domestic markets above Rs 61000.

As silver has underperformed Gold in last 3 months, its bull run is expected to continue. Rs 72000 target is already achieved, next target is Rs 73000 and Rs 75000.

Support and Resistance




Disclaimer: This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.


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