Fundamental News and Triggers

• Above the psychological resistance of $2000 and $25, the price of gold and silver is showing a back-and-forth movement, but prices have held above this level very well.

• In spite of an increase in weekly jobless claims, demand for US government bonds has increased. Compared to the consensus estimate of 240K, the number of people claiming unemployment benefits increased to 245K. This indicated a slowing of the tight labour market and gave rise to expectations that the Federal Reserve would refrain from raising interest rates after its monetary policy meeting in May.

• During this week, market participants will continue to pay close attention to any additional remarks made by FED officials before the FED’s standard blackout period, which will start on April 22, ahead of the May FOMC meeting.

Technical Triggers

• Gold prices are consolidating in the range of $1984 (Rs 60000) to $2050 (Rs 61300) from last few days, prices need to break this range to move higher.

• Silver has seen 30% rally from $20 to $26, prices are retracing now, with next 23.6% fibonnici support at $24.6(Rs 73800)

Support and Resistance 

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