Fundamental Q News and Triggers
• The price of gold is rising and is still very near a multi-month high. The safe-haven metal is still supported by the possibility of a rise in hostilities in the Middle East.
• Ahead of the release of the US PCE Price Index, traders also appear unwilling to make aggressive directional bets around the price of gold. Instead, they appear to prefer to wait it out. The data will impact market expectations on the Fed’s policy decision the following week, which will impact the Dollar Index dynamics and give the yellow metal some significant support.
• After a retracement and consolidation this week, Gold’s bullish rally is gaining momentum again, as
seen in the 4-hour Gold Chart. If prices sustain above $2000 (~ Rs 61000), the next resistance is $2045 (~ Rs 62300) and $2080 (~ Rs 63500), with recent downside support of $1965 (~ Rs 60000).
• Silver prices are consolidating around $23, once the prices sustain above $23.20, they are expected
to head higher towards $24.
Support and Resistance
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