Fundamental News and Triggers

• After Federal Reserve Chair Jerome Powell reaffirmed that recent data on job gains and higher-than-expected inflation do not significantly alter the broader picture of economic policy this year, gold prices shot to yet another new high today, reaching $2323.
• With the strength of the economy and the inflation data, Fed Chair Jerome Powell said the US central bank has time to consider rate reductions. He reaffirmed that they will lower interest rates “at some point this year” if the economy develops as anticipated.

Technical Triggers

• Gold has moved to unchartered territory with prices seeing hyperbolic move above $2300 (~ Rs 69400). If this momentum continues, the next resistance level is $2350 (~Rs 71000). But as oscillators are in an overbought zone, one needs to be very cautious for price retracement.
• Silver prices have finally given a break out above $27 (~Rs 80000), if that is sustained, then no one can stop Silver from moving towards the $30 (~Rs 90000) target in 2024. But as oscillators are in an overbought zone, one needs to be very cautious for price retracement.

Support and Resistance

 

 

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