Fundamental News and Triggers
Gold approaching $5000 and Silver towards $100
- Gold and silver surged to fresh all-time highs, with gold touching $4,970 (~₹1,59,200) and silver hitting $99.2 (~₹3,40,000), marking their strongest weekly performance since March 2020. The rally has been supported by lingering geopolitical risks, and sustained safe-haven demand.
- Market sentiment was further influenced by U.S. President Donald Trump’s statement that he had secured permanent U.S. access to Greenland through a NATO deal, though details remain unclear and Denmark has reiterated its sovereignty. Trump also cancelled proposed tariffs on European imports, with the EU agreeing to suspend countermeasures while seeking clarity on future policy direction.
- Expectations of monetary easing have also grown, as Trump is expected to appoint the next Fed Chair, with markets pricing in a more dovish candidate. Silver’s sharp rally has been amplified by a historic short squeeze, strong retail participation, and China’s tightening export controls, adding to supply concerns.
Technical Triggers
- For gold, the previous resistance near $4,750 (~ ₹1,49,000) has now turned into a strong support zone. As long as prices hold above this level, the upside target of $5,000 (~ ₹1,60,000) remains intact.
- In silver, prices have also corrected, but the continues to act as a strong support. As long as silver trades above $90.5 level (~ ₹3,00,000), the metal retains the potential to move higher towards the $99–100 range (~ ₹3,45,000). Overall, dips are likely to attract buying interest rather than signal a trend reversal.
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