Fundamental News and Triggers
• Gold and Silver sees profit-booking as Dollar Index rises on OPEC surprise output cut.
• The US dollar cautiously cheers the risk-off mood, a recovery in US Treasury bond yields, and a floor under gold prices.
• Nonfarm payrolls in the United States are expected to confirm the Fed’s recently easing hawkish bias among policymakers, which could propel the gold price higher.
• We have seen a bullish breakout in symmetrical triangle and pennant formation on daily Gold price chart. Next target is $2050 and $2070, which is new high for gold in domestic markets above Rs 61000.
• As silver has underperformed Gold in last 3 months, its bull run is expected to continue. Rs 72000 target is already achieved, next target is Rs 73000 and Rs 75000.
Support and Resistance
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