Gold and Silver fall amid Dollar Index’s upbeat

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.


Technical Triggers

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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