Gold closes at record high levels in India

Fundamental News and Triggers

Gold prices traded near record highs on safe-haven buying as a drop in Credit Suisse shares rekindled concerns about the banking sector and reduced appetite for riskier assets. Markets are hypersensitive to negative bank-related news following what happened with SVB.

US Banking turmoil has fueled speculation that the FED might even pause its rate hikes in March meeting, which is positive for precious metals. 58% of markets participants expect the Fed to raise its benchmark rate by 25 basis points at its March 21-22 policy meeting, with a 42% chance that rates will remain unchanged.

Technical Triggers

Short-term and long-term outlook for Gold has turned positive from last week, with Rs 59000 and Rs 60000 levels on sight

Silver is still very underbought, those who have missed the Gold rally, can initiate buy positions in Silver for the target of Rs 70000 in short-term and Rs 85000 in long-term

Support and Resistance

Disclaimer: This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices. 










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