Augmont Gold Market Update: Gold Consolidates Ahead of Key Economic Triggers
Gold prices are consolidating between $2885 and $2935 amid trade tensions and a weakening US dollar. Market uncertainty has risen following President Trump’s remarks on a possible recession and new tariffs from China. Augmont Gold reports that a breakout above $2935 could push prices toward $2975, while silver gains strength above $33. Investors are closely monitoring upcoming US inflation data for further market direction.
Fundamental News and Triggers
Gold consolidates in the $50 range before a decisive move
- Gold prices are consolidating in a range between $2885 and $2935, spurred by a weaker US dollar and safe-haven flows as fears about the US economy grow amid growing trade tensions.
- Concerns over a probable economic slowdown were heightened after President Donald Trump stated that the US economy was in a moment of transition while refusing to rule out the chance that his policies would create a recession.
- This comes after the United States delayed imposing 25% tariffs on several Canadian and Mexican imports for a month, while Canada maintained its first retaliatory measures. China also levied further duties on some American agriculture products in reaction to Trump’s latest tariff increases on Chinese imports. Meanwhile, Fed Chair Jerome Powell acknowledged increased economic uncertainties but expressed no need to decrease interest rates.
- Investors are now looking forward to US inflation statistics later this week, which may impact the Fed’s monetary policy position.
Technical Triggers
- Gold prices are consolidating in a range between $2885(~INR 85400) and $2935(~INR 86200), prices need to break this range for decisive move towards upside momentum of $2975 (~INR 87000).
- Silver May Futures is gaining strength and if sustains above $33(~INR 96700), the next target is $34(~INR 100,000), and once it sustains above that, it can head higher towards $35(~INR 103,000).
Support and Resistance
International Gold Support level : $2885/oz
International Gold Resistance level : $2975/oz
Indian Gold Support level : INR 85300/ 10 gm
Indian Gold Resistance level : INR 87000/ 10 gm
International Silver Support level : $31.5/oz
International Silver Resistance level : $34/5oz
Indian Silver Support level : INR 93000/ kg
Indian Silver Resistance level : INR 100,000/ kg
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