Fundamental News and Triggers

• Following the recent events in the banking sector, the investing world is looking for safe haven assets. Gold has historically been one, so the recent bullish price action should come as no surprise. The current net spec long in COMEX gold is about 22 percent of open interest, which is lower than in the past, indicating that bulls still have room to run.

• Investors will be looking for more clues on the Fed’s monetary tightening plans in a key inflation gauge, the core Personal Consumption Expenditures (PCE) price index, which is expected at the end of the week.

Technical Triggers

• A pennant formation in gold indicates further upside. However, before going long, traders should wait for a daily close above $2000. A drop below $1920, on the other hand, would render the pennant invalid.

• As silver has underperformed Gold in last 3 months, its bull run is expected to continue. In the short term, Silver’s next targets are Rs 72000 and Rs 73000.

Support and Resistance

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