Fundamental News and Triggers

• Gold reaches its highest point ever, surpassing $2760 (~Rs 78700), while Silver surpasses $35 (~Rs 1 lakh), driven by geopolitical concerns and anticipations of more Fed rate cuts.
• Despite rising US Treasury rates, demand for precious metals as a haven is driven by risk aversion and concerns about a Trump presidency. According to the previous president, he would restrict unauthorized immigration and levy taxes.
• The odds of a 25 basis point cut at the November meeting are 89.6%, and traders are pricing in 42 basis points of rate cuts by year-end.
• Tensions in the Middle East are still high, though, as Israel gets ready to strike back against Iran for the 200-missile attack.

 

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 are heading towards $35 (~Rs 1 lakh), and that target is achieved. We could see some profit booking before prices head to another psychological level of $36 (~Rs 103,000).

 

Support and Resistance

 

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