Fundamental News and Triggers

• Geopolitical tensions are rising: The ongoing conflict between Russia and Ukraine is making people nervous. This is causing them to invest in safe assets like gold.
• Russia is spreading fear: Russia is trying to scare Ukraine by spreading false information about a big attack. This is further increasing tensions.
• Gold is rising in value: People think that the new US president’s policies might lead to higher prices. This, along with the rising tensions, is making gold more valuable.
• Interest rates might not be cut: The US Federal Reserve, which controls interest rates, might not lower them as much as people expected. This is also contributing to the rise in gold prices.

 

Technical Triggers

• Gold has retraced 50% of this rally from Rs 67500 to Rs 80000 and prices have shifted from an overbought zone to an oversold zone. Gold is expected to continue its rebound up to Rs 76500 and Rs 77400.
• Silver has retraced 61.8% of its rally from Rs 78500 to Rs 100,000 and prices have shifted from the overbought zone to the oversold zone. Silver is expected to continue its rebound up to Rs 92000 and Rs 94000.

 

Support and Resistance

 

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