Fundamental News and Triggers

• Gold price maintains its lead around $2000, as it reaps the benefits of the current wave of risk aversion, which is primarily driven by recent banking concerns and problems related to the expiration of the US debt ceiling as well as the FED’s policy change.

• The market’s mood was affected by new worries about banking collapses and a US default, which allowed the gold price to hold firmer despite a risk-off attitude.

• Aside from the banking crisis, worries about the US debt ceiling expiration, which is a concern because the current cap expires in June, also reduce risk appetite.

Technical Triggers

• Gold prices are consolidating in the range of $1970 (Rs 59600) to $2050 (Rs 61300) 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 

Disclaimer: This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.