Augmont Bullion Daily Report
The Augmont Bullion Daily Report highlights gold’s surge to a record high of $2968 amid trade war fears and inflation concerns, with $3000 in sight. Investors are turning to gold as a safe haven due to de-dollarization trends and economic uncertainty. Technically, gold has crossed $2950, signaling further upside, while silver faces resistance at $33, with a potential 5% rally if it breaks through
Fundamental News and Triggers
- Gold prices surged to a record high of $2968 (~INR 86300) as investors flocked to the safe-haven asset after he imposed new 25% tariffs on steel and aluminium imports, inflaming inflation and a potential trade war.
- The risk of a global trade war is putting pressure on trading in physical bullion and driving financial markets to get exposure to gold as part of what can be loosely described as a de-dollarization theme.
- Additionally, worries that Trump’s protectionist policies would reignite inflation in the US prove to be another factor that benefits the precious metal’s status as a hedge against rising prices
Technical Triggers
- Gold has crossed another psychological level of $2950 (~INR 86000), and now we may see strength towards a very important psychological level of $3000 (~INR 87500).
- Silver is still facing resistance at $33 (~INR 96000). If prices sustain above this level, we are likely to see a 5% up move for the target $35 (~INR 101,000).
Support and Resistance
- International Gold Support level – $2790/oz
- International Gold Resistance level – $3000/oz
- Indian Gold Support level – INR 81000/ 10 gm
- Indian Gold Resistance level – INR 87500/ 10 gm
- International Silver Support level – $32/oz
- International Silver Resistance level – $35/5oz
- Indian Silver Support level – INR 92500/ kg
- Indian Silver Resistance level – INR 101,000/ kg
