Fundamental News and Triggers

• Gold and Silver prices drops a little as positive inflation data from the US GDP favour US Dollar bulls. The advance readings of the US GDP for the first quarter of 2023 revealed mixed results.

• Despite this, the annualized headline US GDP fell to 1.1 percent from 2.0 percent expected and 2.6 percent previously, but the GDP Price Index grew slightly to 4.0 percent from 3.9 percent previously and 3.8 percent according to market consensus.

• Additionally, Personal Consumption Expenditure (PCE) prices for Q1 increased to 4.2 percent from 3.7 percent in earlier readouts, and Core PCE figures also exceeded 4.8 percent market expectations and 4.4 percent prior with 4.9 percent mark for the same period.

Technical Triggers

• Gold prices are consolidating in the range of $1970 (Rs 59600) 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% Fibonacci support at $24.6 (Rs 73800)

Support and Resistance 

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