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.
• 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
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