Fundamental News and Triggers

• While the dollar increased, gold prices saw some profit-booking despite a prediction of declining U.S. GDP due to the nation’s international tariff disputes. The drop comes as the OECD cut its forecast for U.S. economic growth this year to 1.6% from its prior 2.2% estimate as President Trump’s erratic tariff policies slow imports. The group also cut its forecast for global growth in 2025 to 2.9% from 3.1%.
• The market outlook remains significantly impacted by geopolitical concerns. There are concerns about another trade war as a result of US President Donald Trump’s increased claims against China. Uncertainty increased when he decided to quadruple steel tariffs.
• Peace negotiations between Russia and Ukraine are still pending, and continuous drone attacks point to a potential escalation. These changes may encourage gold safe-haven flows.

Technical Triggers

• Gold prices have broken the range of $3275(~Rs 95000) and $3375(~Rs 96400) on the upside. If this positive momentum continues, we are likely to see the price rise towards $3450 (~Rs 99000).
• Silver prices have broken the one-month range of $32.5(~Rs 96000) and $34(~Rs 99000), next resistance is $35 (~Rs 101,500).

Support and Resistance

 

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