Fundamental News and Triggers

• The US-led forces continue to clash with the Iran-backed Houthi group in the Red Sea, which appears to support the safe-haven gold price amid moderate range-bound price action around the US dollar.
• On Thursday, Houthi militants in Yemen launched two anti-ship ballistic missiles at a US-owned, Greek-operated tanker ship, prompting the US to carry out its fifth strike against Houthi targets.
• The markets reacted quickly to the robust labour-market report, pricing in just over a 50% chance of a rate drop at the March FOMC meeting, down from 75% a week earlier.
• Traders now look to the US macro data – the preliminary Michigan consumer sentiment and inflation expectations, as well as existing home sales – for short-term possibilities.

Technical Triggers

• Gold prices have rebounded above $2020 after touching a low of $2007. Now prices are expected to trade in the range of $2035- $2000.
• Silver prices have rebounded after touching the low of $22.52. Now prices are expected to trade in the range of $22.50 to $23.

Support and Resistance

 

 

 

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