Fundamental News and Triggers
• Following a recovery move from $1984, the gold price is showing a sharp reduction in volatility. The US Dollar Index has recovered strongly after successfully defending the crucial support level of 101.65, but the yellow metal is struggling to continue its recovery.
• Due to a sharp decline in US inflation and looser labour market conditions, the demand for USD Index appears to be attainable in the near future, which can lead to profit booking in precious metals.
• Gold prices are consolidating in the range of $1984 (Rs 60000) to $2050 (Rs 61300) from last few days, prices need to break this range to move higher.
• Silver has seen 30% rally from $20 to $26, prices are retracing now, with next 23.6% fibonnici support at $24.6(Rs 73800)
Support and Resistance
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