Fundamental News and Triggers

• As investors continue to seek refuge in the ultimate conventional safe-haven amid escalating geopolitical tensions between Israel and Iran, the price of gold is challenging a new lifetime high of $2400.
• On Thursday, Russia, Germany, and the United Kingdom united to urge the Middle Eastern nations to show moderation, particularly in light of the growing danger of an anticipated Iranian attack on Israel. Israel declared that it was getting ready to “meet all its security needs” in case Iran launched an airstrike.
• US Secretary of Defense Lloyd Austin was forewarned by Israeli Defense Minister Yoav Gallant that Israel would retaliate immediately against any Iranian strike.

Technical Triggers

• As forecasted, gold has achieved the short-term target of $2400 (Rs 72500). Gold has achieved all the targets and is in the overbought zone. It seems gold prices can top out today and fall steeply next week.
• Silver has touched important resistance of $29 (Rs 84000), the rally seems to be in the overbought zone. One should book profits and wait for correction.

Support and Resistance

 

 

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