Fundamental News and Triggers
$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.
Technical Triggers
* Gold has crossed another psychological level of $2950 (~Rs 86000), and now we 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).
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