Gold and Silver extend bullish rally

Fundamental News and Triggers

Gold and silver prices have risen after job openings in the United States fell to their lowest level in nearly two years in February. Weaker economic data had shifted the emphasis from inflation-fighting to economy-salvation. Traders are also looking for economic cues from Friday’s non-farm payrolls data in the United States.

Gold is testing the $2000 level for the third time, having done so in August 2000 and March 2022. It appears to be able to maintain momentum this time as dark clouds gather within the economy.

Technical Triggers

As forecasted, 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, 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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