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

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