Fundamental News and Triggers

• Markets remain risk-averse as a global tariff war appears certain, with US President Donald Trump reaffirming 25% tariffs on Canada and Mexico, which will go into force on Tuesday, and has already signed an order to hike China tariffs to 20%.
• In response, China’s Commerce Ministry and the Canadian prime minister’s office approved retaliatory duties on the United States, sparking a tit-for-tat situation that might escalate into a full-fledged trade war.
• President Trump announced reciprocal tariffs on countries that apply charges on US products, effective April 2. Trump’s tariff measures are widely viewed as inflationary, prompting a spike in safe-haven flows into bullion, which has gained almost 10% this year.
• The US economy is at risk of entering a recession due to rising inflationary pressures from Trump’s tariffs and declining investor confidence.

 

Technical Triggers

• Gold prices have closed above the important resistance of $2885(~Rs 85000) and rebounded back above $2900(~Rs 85400), which means the bull trend is still intact.
• Silver continues to trade in the range of $31.5 (~Rs 93000) and $34(~Rs 97000).

 

Support and Resistance

 

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