Fundamental News and Triggers

• After a sharp runup this week, gold and silver prices are trying to build a base at these higher levels, which is necessary for a bullish run to continue further.

• The gold and silver markets were not significantly affected by yesterday announcement of U.S. economic statistics. Only slightly more was predicted in the second estimate of the third-quarter GDP than in the first estimate. The initial GDP estimates were somewhat lower than the inflation figures for personal consumption expenditure numbers.

• The biggest trigger of gold crossing 62000 was the De-Dollarization seismic shift. As the UAE announced that they have stopped using Dollars in Oil trades, this gave a boost to the safe-heaven asset Gold.

 

Technical Triggers

• Gold prices have cleared the resistance of $2020 (Rs 61800) to touch the level of $2045 (Rs 62300). Once the prices sustain above these levels, the next target is $2080 (Rs 63000).

• Silver after clearing the resistance of $25 (Rs 73500), the next level to watch for is $26 (Rs 78000).

Support and Resistance

 

 

 

 

 

 

 

 

 

 

 

 

 

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