Gold and Silver strengthen amid weaker dollar

Fundamental News and Triggers

Gold and Silver prices have recovered from a fake breakdown, which indicates downside is limited. Prices are getting support from a weaker dollar and hawkish FED monetary policy.

The US Manufacturing PMI has been below 50 for five months in a row, raising expectations of a steady monetary policy to keep the US economy from entering a deep recession.

US Employment data is in spotlight this week.


Technical Triggers

$2007(Rs 60000) is very crucial resistance for Gold on daily charts as there is pennant formation. If prices sustain above this resistance, next target is previous high $2070 (Rs 61500)

$24 (Rs 72000) is very crucial resistance for Silver on daily charts. Prices need to sustain above this level for bulls to extend control towards $25 (Rs 73000).

Support and Resistance 




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