Fundamental Q News and Triggers

• Gold price extended its uptrend and reached a near three-month high. Geopolitical uncertainties continue to fuel haven flows and underpin the gold price.

• Yesterday, Israel bombarded the Gaza Strip with airstrikes, appearing to be moving closer to a full- scale invasion of the Hamas-ruled coastline enclave.

• Israeli troops and equipment gathered near the Gaza border, as Israeli rockets hit targets in Lebanon and Syria.

• The intensification of the conflict has also had a direct impact on Egypt, with Israel frequently hitting the Rafah border crossing between Egypt and Gaza.

Technical Triggers

• Gold prices continue their uptrend, after sustaining above resistance of $1950. The next level to watch for is $2000 (Rs 61000)

• Silver has given a bullish reversal, bouncing back on its uptrend line and crossing the resistance above
$23. The next target is $24.5 (Rs 73500).

 

Support and Resistance

 

 

 

 

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