Fundamental News and Triggers

• In 2024, gold prices climbed by 27%, marking the best annual performance since 2010. This surge has been spurred by central bank purchases, increased geopolitical concerns, and major central banks’ monetary easing programs.
• Additionally, geopolitical tensions in the Middle East and the continuing Russia-Ukraine war are projected to stay high this year, potentially increasing safe-haven flows and benefitting the gold price. Nonetheless, the cautious posture of the US Federal Reserve may limit Gold’s potential.
• The Federal Reserve signalled a more cautious view for further rate decreases in 2025, indicating a shift in its monetary policy stance. This development emphasizes uncertainties surrounding potential policy revisions amid the expected economic plans of the incoming Trump administration.

 

Technical Triggers

• Gold is trading in a strict range of $2600 (~Rs 76000) to $2650 (~Rs 77000), either side breakout will give further direction, with biases towards upside.
• Silver has very strong support at $29 (~Rs 87000), buying could be initiated for the target of $31(~Rs 91500).

 

Support and Resistance

 

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