Fundamental News and Triggers

• Russia and Nuclear Threats: Russia’s President Vladimir Putin has made threats about using nuclear weapons, which is making people worry. This is causing them to invest in gold, a safe asset.
• US Economy and Inflation: The new US president’s plans might lead to higher prices (inflation). This could make the US Federal Reserve less likely to lower interest rates.
• Strong US Dollar: The US dollar is strong, which is also making gold more attractive to investors.
• Reduced Chance of Interest Rate Cut: It’s becoming less likely that the US Federal Reserve will lower interest rates in December. This is another factor supporting gold prices.

 

Technical Triggers

• Gold has retraced 50% of this rally from Rs 67500 to Rs 80000 and prices have shifted from an overbought zone to an oversold zone. Gold is expected to continue its rebound up to Rs 76500 and Rs 77400.
• Silver has retraced 61.8% of its rally from Rs 78500 to Rs 100,000 and prices have shifted from the overbought zone to the oversold zone. Silver is expected to continue its rebound up to Rs 92000 and Rs 94000.

 

Support and Resistance

 

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