Fundamental News and Triggers
• Gold had started April at $1990 before rising as high as $2063 before closing the month at $1999.
• Falling US Treasury bond yields continued to support gold prices. While the 10-year benchmark note rate is at 3.443 percent and has fallen 8 bps, the 2-year Treasury bond yield has decreased by 3.5 basis points to 4.039 percent.
• CME FedWatch Tool’s odds for a 25 bps increase are 83.1 percent, which is less likely than the 83.9 percent chances from the day before.
• Gold prices are consolidating in the range of $1970 (Rs 59600) to $2015 (Rs 60400) from last few days, prices need to break this range to move higher.
• Silver has seen 30% rally from $20 to $26, prices are retracing now, with next 23.6% Fibonacci support at $24.6 (Rs 73800)
Support and Resistance
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