Gold to remain supported amid Geopolitical tensions

Fundamental Q News and Triggers

Despite rising anxiety and a cautious attitude, the price of gold remains stable near $1950. The Fed
officials underlined their desire to keep interest rates unchanged. These comments boost US bond
yields amid strong US Economic growth momentum. 

Furthermore, emphasis is still paid to the geopolitical conflict between Israel and Hamas. Gaza
authorities said that an Israeli airstrike on a hospital in the Occupied Palestinian Territory on Tuesday
resulted in the deaths of 500 people, while Israel claimed that a Palestinian attack was to blame for
the damage. The market uncertainties and rising geopolitical tensions in the Middle East may
continuously support demand for conventional safe-haven assets like gold.

Technical Triggers

Target of $1965 (Rs 60000) achieved in Gold. It seems, prices are expected to see profit-booking now
and can correct up to Rs 59000.

Silver has given a bullish reversal, bouncing back on its uptrend line and crossing the resistance above
$23. The next target is $24.5 (Rs 73500). 

Support and Resistance





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