Fundamental News and Triggers

• Precious metals have been trading well over the past few days, but yesterday saw a 1.4% decline in gold due to news that Iran is eager to begin nuclear talks with the US and is working to defuse tensions with Israel, provided Washington refrains from joining the Israeli attacks.
• Following Israel’s escalation of its attacks throughout Iran, which targeted Iran’s elite military force and state-owned media outlets, President Trump called for an emergency evacuation of Tehran.
• The retail sales and industrial output numbers for May, which are due later today, will be watched by investors to see how strong the US economy is.
• The two-day policy meeting of the Federal Reserve, which ends on Wednesday, is another topic of interest. In the upcoming months, investors are watching for clues about possible rate reduction from the Fed, which is generally expected to keep rates unchanged.

Technical Triggers

• Gold prices have given a breakout of its resistance of $3425(~Rs 99000), and now it seems we are heading towards the previous high of $3500 (~Rs 101,000) in the near term. Downside support is $3365 (~Rs 97300).
• Silver is consolidating in a range of $36.5(~Rs 106,000) and $37 (~Rs 107,000) after a sharp rally. The next target is $38 (~Rs 111,000) if this positive momentum continues.

Support and Resistance

 

Disclaimer: This report contains the author’s opinion, which is not to be construed as investment advice. The author, Directors, and other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The opinions mentioned above are based on information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is in no way guaranteed. No guarantee is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purposes and are not to be construed as investment advice.