In their Report Augmont Bullion said, $3000 is knocking on the door for Gold! Gold prices surged to a record high of $2968 (~Rs 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.
At the Technical Triggers front, Gold has crossed another psychological level of $2950 (~Rs 86000), and now Augmont may see strength, towards a very important psychological level of $3000 (~Rs 87500). Silver is still facing resistance at $33 (~Rs 96000).
If prices sustain above this level, we are likely to see a 5% up move for the target $35 (~Rs 101,000). Augmont chart Support and Resistance as, 1: International Gold Support level at $2790/oz & International Gold Resistance level set at, $3000/oz. 2: Indian Gold Support level at Rs 81000/ 10 gm & Indian Gold Resistance level at Rs 87500/ 10 gm.
1: International Silver Support level at $32/oz & International Silver Resistance level is of $35/5oz. While, Indian Silver Support level is of Rs 92500/ kg & Indian Silver Resistance level at, Rs 101,000/ kg.
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