Fundamental News and Triggers

• The gold price is consolidating near the weekly high, despite a minor USD rise and a risk-on mood. The fundamental environment is favourable to bullish traders and promotes the probability of further rise in prices. Before the US PCE Price Index, the US Consumer Confidence Index is expected to provide some momentum.
• The gold price is also looking for support from the Middle East’s ongoing geopolitical turmoil. In reaction to Israel’s assault on the Gaza Strip, Yemen’s Iran-backed Houthi rebels launched a series of drone and ballistic missile attacks on ships in the southern Red Sea. Meanwhile, Israeli strikes on the Gaza Strip continued overnight, resulting in more Palestinian casualties.

 

Technical Triggers

• Gold prices are trading sideways in the range of Rs 62000 and 62700, with the same rangebound momentum expected to continue.
• Silver prices are trading sideways in the range of Rs 74000 and Rs 75300, with the same rangebound momentum expected to continue.

 

Support and Resistance

 

 

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