Fundamental News and Triggers
Precious Metals hit record high on Trump’s new tariff threat
- Gold and silver traded close to record highs as global risk sentiment has risen following U.S. President Donald Trump’s remarks on Greenland.
- His warning of new tariffs on goods from eight European nations—Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the UK—if they oppose his plan to acquire Greenland has raised fears of a wider trade conflict.
- The prospect of escalating tariffs and geopolitical uncertainty triggered a flight to safety, driving increased demand for traditional safe-haven assets such as gold and silver.
Technical Triggers
- The current gold rally began in mid-August near $3,400 and accelerated to $4,400 by mid-October. After a healthy pullback, prices have consistently found support along the rising trendline, keeping the broader uptrend intact. Gold is now heading toward the next resistance zone at $4,750–4,760 (78.6% Fibonacci extension, ~₹1,48,000), followed by $4,990–5,000 (100% Fibonacci extension, ~₹1,55,000).
- As highlighted last week, silver has successfully reached the 61.8% Fibonacci resistance target at $93 (~ ₹3,00,000). The next upside levels to watch are the 78.6% Fibonacci extension at $99–100 (~ ₹3,30,000) and the 100% Fibonacci extension near $107 (~ ₹3,50,000). On the downside, $86.5 (~ ₹2,80,000) remains a strong support area.
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