Fundamental News and Triggers

• Gold and Silver prices continued its bull trend and are trading at record high amid dollar weakness and risk-on sentiment. The risk-on mood is accompanied by news that recent challenges to the US Dollar’s reserve currency status appear to weigh on the greenback, allowing gold to remain firmer

.• Bloomberg published a news report claiming that the US Dollar is losing favour as a reserve currency in Russia, while also highlighting the greenback’s recent weakness. For the first time, the Chinese Yuan has surpassed the US Dollar in terms of monthly trading volume.

Technical Triggers

• As forecasted yesterday, Gold has cleared important resistance of $2007(Rs 60000) on daily charts as there was pennant formation. Next target is previous high $2070 (Rs 61500)

• As forecasted yesterday, Silver has cleared important resistance of $24 (Rs 72000) and $25 (Rs 75000) on daily charts. Next resistance is $26.5 (Rs 80000)

Support and Resistance 

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