Fundamental News and Triggers
Precious Metals consolidate near record levels
- Gold and silver are consolidating around record levels as some of the recent political risk premium has eased. Sentiment improved after President Donald Trump signaled a softer stance on Iran and reiterated that he has no immediate plans to remove Federal Reserve Chair Jerome Powell.
- Trump said on Wednesday that, despite an ongoing Justice Department investigation into Powell, he does not currently intend to fire him, though he added that it was “too early” to rule out any future action.
- Earlier, fears of potential U.S. import tariffs on critical minerals had sparked a broad-based rally across commodities, driving silver, copper, and other metals to all-time highs as traders rushed shipments into the U.S. ahead of possible levies.
- Geopolitical tensions in Iran also eased temporarily after Trump indicated he may delay military action, following Iran’s pledge not to execute protesters. Reports that Israel and other regional allies urged the U.S. to hold off on any strike further helped stabilize market sentiment.
Technical Triggers
- Gold has decisively broken above its earlier resistance at $4,570, opening the door to higher levels. The next key targets are $4,745–4,750 (78.6% Fibonacci extension, ~₹1,46,000) and $4,966–4,970 (100% Fibonacci extension, ~₹1,52,500).
- As suggested, Silver has touched the target of $93(~₹2,91,000). We can witness some profitbooking and retracement upto $84 (~Rs 260,000), before prices move higher again.
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