Gold and Silver sustaining above $2000 and $24 crucial level

Fundamental News and Triggers

The price of gold and silver is approaching a one-month high and has risen above significant levels as investors became cautious ahead of a series of important economic data points that fueled demand for the yellow metal as a safe haven.

The yellow metal also benefited from indicators of softening global economic conditions and dollar weakness amid mounting predictions that the Federal Reserve was done hiking interest rates.

Any indications of slower economic expansion and inflation are likely to raise expectations for an early rate reduction by the Fed, which might be advantageous for gold prices.

This week’s reports on the purchasing managers index and consumer confidence in the United States are also anticipated.


Technical Triggers

Gold Gold prices are trading just below the important resistance zone of $2015-2020 (Rs 61500 – 61800). Once the prices trade above these levels, the next target would be $2080 (Rs 63000).

Silver has cleared strong resistance of $24 (Rs 73500), the next short-term target is $25 (Rs 76000).

Support and Resistance














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