Fundamental News and Triggers
• The biggest trigger of gold crossing 62000 was the De-Dollarization seismic shift. As the UAE announced that they have stopped using Dollars in Oil trades, this gave a boost to the safe-heaven asset Gold.
• Gold’s attraction has been strengthened by the current state of the economy and prospects of a change in Federal Reserve policy.
• Gold has a reputation for doing well in periods of inflation, and while interest rates are low, it is becoming more and more important to have this asset to maintain purchasing power.
Technical Triggers
• Gold prices have cleared the resistance of $2020 (Rs 61800) to touch the level of $2045 (Rs 62300). Once the prices sustain above these levels, the next target is $2080 (Rs 63000).
• As suggested yesterday, Silver after clearing resistance of $24 (Rs 73500), the next short-term target is $25 (Rs 75500), that target is achieved. The next level to watch for is $26 (Rs 78000).
Support and Resistance
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