Fundamental News and Triggers

• As tensions between Israel and Hamas continue to rise, the price of gold rises beyond $2380. Following Israeli Prime Minister Benjamin Netanyahu’s announcement on Monday that his forces are prepared to invade the Gaza Strip’s Rafah pocket, there was a significant decrease in speculation on a cease-fire, according to Reuters. Hamas, on the other hand, said that Israel’s ceasefire offering did not meet their conditions. As demand for safe havens rises due to global uncertainties, the precious metal is still fetching high prices.
• Strong demand for safe-haven assets amid escalating global tensions is balancing the negative effects of diminishing expectations that the Federal Reserve would switch to rate reduction in June, which is why the precious metal is still rising.

Technical Triggers

• As forecasted, gold has achieved the short-term target of $2350 (Rs 71000), next target is $2400 (Rs 72500). But as oscillators are in an overbought zone, one needs to be very cautious for price retracement.
• Silver prices have finally given a break out above $27 (~Rs 80000), if that is sustained, then no one can stop Silver from moving towards the $30 (~Rs 90000) targets in April. But as oscillators are in an overbought zone, one needs to be very cautious for price retracement.

Support and Resistance

 

 

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