Augmont Bullion Report said on February 4, Gold stands firm near record-high! The report highlight said,
1: U.S. President Donald Trump agreed to a 30-day halt in tariffs on Mexico and Canada on Monday in exchange for border and crime enforcement concessions with the two nations, while levies on Chinese goods are set to start later today, keeping gold bids at record highs.
2: As the market views Trump’s tariff policies as inflationary, international bullion banks are flying gold into the United States from trading hubs catering to Asian consumers, such as Dubai and Hong Kong, to profit from the unusually high premium that U.S. gold futures are trading higher over spot prices.
Technical Triggers suggest, 1: Gold prices have been trading in a range of $2800 (Rs 82000) to $2850 (Rs 83200), either side breakout and sustainability will give a $50 (Rs 1200) move in the prices. 2: Silver prices have been trading in the range of $31.70 (~Rs 92000) to $32.90 (~Rs 94500), either side breakout or sustainability will give a $1 (Rs 2000) move in the prices.
From Support and Resistance view, International Gold Support level is of US$ 2790/oz & International Gold Resistance level is of US$2900/oz. in the Indian perspective, Indian Gold Support level is of Rs 81000/ 10 gm
Indian Gold Resistance level is of Rs 83000/ 10 gm.
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