Gold and Silver find strong support on dips

Fundamental News and Triggers

Gold and Silver prices saw profit-booking from highs on strength in Dollar Index, but soon prices recovered from lows due to buying by traders, as they considered dips as opportunity to create buy positions.

Dedollarisation and Recession concerns are the longterm supporting factors for precious metals.

The IMF issued “hard landing” warnings in last week’s World Economic Outlook (WEO), trimming its projection for global growth in 2023 and updating its medium-term expectations to the weakest in three decades.


Technical Triggers

Gold prices continue its bull run, with two-step up and one step down. The next target is the immediate high of $2050 (Rs 60800) and the previous high $2070 (Rs 61500)

Silver has cleared important resistance of $25 (Rs 74000), the next target to watch for is $26.3 (Rs 77500)

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.


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