Fundamental News and Triggers
- In the face of overbought conditions on the daily chart, a rise in US Treasury bond yields and a stronger US dollar caused some profit-taking around the precious metals pack.
- Former President Donald Trump and Vice President Kamala Harris are in neck-to-neck competition in opinion polls, and the increased likelihood of a Trump victory is seen as a threat to a stable geopolitical outlook.
- Bullion prices would be supported on dips as war wages on in the Middle East. Despite efforts at a ceasefire, fighting between the Israeli army, Hamas, and Hezbollah in Gaza and Lebanon, and the Israeli army continues to fight.
Technical Triggers
- Gold continues to rise steadily across all time frames (short, medium, and long), and it is currently headed towards its next goal, which is $2800 (~Rs 80000), after breaking over the $2750 barrier.
- As suggested earlier, silver prices could see some profit booking at higher levels, exactly what happened yesterday. Prices need to sustain above $34.5(~Rs 98500) to continue the uptrend or if it falls below $33.60 (~Rs 96500), we could see more profit booking to $33(~Rs 93000).
Support and Resistance
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