Fundamental News and Triggers

• Gold prices cleared the important level of $2900 (Rs 84600), staying close to record highs as investors awaited the U.S. jobs report for hints about the future path of interest rates as tensions of the US-China-U.S. trade war increased demand for safe-haven assets.
• President Donald Trump’s new 10% tariff on Chinese imports and the removal of a duty-free exception for low-value packages have been criticized by China in a World Trade Organization complaint, which claims the acts are “protectionist” and violate WTO regulations.
• Furthermore, according to the WGC GDT report, India’s total demand for gold increased by 5% in 2024 to 802.8 tonnes from 761 tonnes in 2023. Record-high gold prices, lower import taxes, and robust investor demand were the main drivers of the surge. Global central banks kept up their significant gold purchases, surpassing 1000 tonnes for the third consecutive year.

 

Technical Triggers

• Gold has achieved the target of $2900 (~Rs 84600) yesterday. We may see strength towards the next psychological level of $3000 (~Rs 87500).
• Silver is on the verge of breakout at $33 (~Rs 96000). If prices sustain above this level, we are likely to see a 5% upmove for the target $35 (~Rs 101,000).

 

Support and Resistance

 

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