Fundamental News and Triggers

• Gold continued its winning streak due to safe-haven demand sparked by worries about Donald Trump’s proposed policies, while the UK faced a budget crisis.
• Although there is speculation that US President-elect Donald Trump may consider a national economic emergency, which would give him a legal basis to impose tariffs on US allies and enemies, the FOMC’s December meeting minutes suggested that the central bank is close to a point at which it would be appropriate to slow the pace of easing. FED members hinted that more easing would be appropriate if the data came in as anticipated.
• Now, the market is looking to the upcoming US Nonfarm Payrolls and UoM Consumer Sentiment for additional economic cues.

 

Technical Triggers

• As suggested earlier, Gold has achieved the target of towards $2680 (~Rs 78000). Hold on with the next target of $2720 (~Rs 79000).
• Silver has formed a base of around $29 (~Rs 87000), and buying could be initiated on every dip for the target of $31(~Rs 92500) and $32 (~Rs 95000).

 

Support and Resistance

 

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