Augmont Gold: Gold’s Winning Streak Continues, Eyeing $3080 Resistance Level
Gold continues its upward streak, surpassing $3025 (~Rs 88,500) as inflation fears and geopolitical tensions escalate, driven by Trump’s tariffs and Middle East conflicts. Central banks’ gold accumulation and strong post-pandemic demand are boosting prices. Experts predict gold may reach $3080 (~Rs 90,000) in the coming weeks, while silver eyes the $35 (~Rs 103,000) resistance level
Gold continues its winning streak
- Gold maintains its winning streak above $3025 (~Rs 88500) as Trump’s tariffs are projected to exacerbate inflation and economic turmoil. Trump said he would hold Iran accountable for any strikes carried out by the Houthi group it supports in Yemen, as his administration escalated the largest US military operation in the Middle East since Trump came to the White House.
- Central banks’ accumulation of gold reserves, inflation concerns, and rising demand after the pandemic have contributed to the surge in gold prices.
- The Fed is expected to maintain its benchmark interest rate in the 4.25%-4.50% range after its two-day policy meeting on Wednesday.
Technical Triggers
- Gold Apr Futures after achieving the $3000 (~Rs 88000) milestone, now is expected to extend this run up towards $3035 (~Rs 88800) and $3080 (~Rs 90000) in the coming weeks. After that, we can see some retracement and profit-booking, which can extend down to $2800 and $2700 maximum.
- While Silver May Futures has also climbed above $34(~Rs 100,000) on strong demand, the next resistance for the prices is $35(~Rs 103,000).
Support and Resistance
International Gold Support level : $2990/oz
International Gold Resistance level : $3080/oz
Indian Gold Support level : INR 87600/ 10 gm
Indian Gold Resistance level : INR 90000/ 10 gm
International Silver Support level : $34/oz
International Silver Resistance level : $35/5oz
Indian Silver Support level : INR 99600/ kg
Indian Silver Resistance level : INR 103,000/ kg
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