Fundamental News and Triggers

• Gold prices surged above $2200, taking advantage of a little decline in the US dollar, but they were unable to maintain the gains.
• As U.S. consumer confidence fell to 104.7, below the predicted level of 106.9, the gold market is remained steady and consolidated its recent gains.
• The probability of a rate decrease announcement in June is about 70%, based on data from the CME Fed Watch tool.
• In spite of the fact that pricing pressures in the first two months of 2024 proved to be more intense than anticipated, the Fed remains optimistic about reducing inflationary pressures.

Technical Triggers

• Gold price continues to consolidate between $2150 and $2200. Prices need to sustain above $2200 to continue a new bull run.
• Silver prices have pulled back from the $26 resistance and are consolidating around $25. Strong support lies around $24.25. Prices need to sustain above $25.5 to continue a new bull run.

Support and Resistance

 

 

Disclaimer: This report contains the author’s opinion, which is not to be construed as investment advice. The author, Directors, and other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The opinions mentioned above are based on information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is in no way guaranteed. No guarantee is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purposes and are not to be construed as investment advice.