Fundamental News and Triggers

• Gold prices stand tall and sustain above $2600 (Rs 76000) on the mixed fundamental backdrop. One should warrant some caution before placing aggressive directional bets as the market awaits for Nonfarm Payrolls report on Friday.
• The Federal Reserve Chair Jerome Powell’s more hawkish comments on Monday, along with the upcoming improved US job market statistics, help the US dollar maintain its rebound from its lowest point since July 2023.
• On the geopolitical front, Iran launched more than 180 ballistic missiles toward Israel on Tuesday, increasing the possibility of a full-scale Middle East conflict. This prompted an Israeli assault on central Beirut, Lebanon, early on Thursday.
• Gold prices are well supported around $2650 (Rs 75400) levels, due to geopolitical concerns, since ceasefire negotiations are unlikely to take place anytime soon.

 

Technical Triggers

• Gold remains supported around $2650 and resistance is around $2700 (Rs 76500).
• Silver has touched its resistance level of $33 (~Rs 96450) and retreated from that level. The next support is $31 (~Rs 92000).

 

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.