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.
• 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
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.