Market Overview
- Gold prices in India have risen by 32% in FY 2024-2025, driven by factors such as central bank buying and global trade war tensions. The price is expected to reach INR 1 lakh per 10 grams in FY26.
- Silver is trading above $34.00, close to a multi-month high, with technical indicators suggesting an uptrend.
- The Japanese Yen shows a positive bias against the US Dollar but lacks follow-through due to concerns about Trump's tariffs affecting Japan's industries.
- The Federal Reserve's potential rate cuts have weakened the USD, benefiting gold, which hit a record high for the fourth consecutive day on Tuesday.
- The Australian Dollar reacted positively to the RBA's decision to maintain the interest rate at 4.1% in the April policy meeting.
- The Indian Rupee is trading negatively due to fears of a global trade war triggered by Trump's tariffs.
- WTI crude oil price reaches around $71.35 following threats of secondary tariffs on Russian oil buyers by President Trump.
Fundamental Analysis
- RBA Governor Michele Bullock explains the decision to maintain the interest rate at 4.1% in the April policy meeting at a press conference.
- Japan's Prime Minister Shigeru Ishiba emphasized the importance of achieving wage gains that surpass inflation as a key growth strategy for the country.
- China's Caixin Manufacturing Purchasing Managers' Index (PMI) increased to 51.2 in March from 50.8 in February, slightly surpassing market expectations of 51.1.
- Australia's Retail Sales rose 0.2% MoM in February, below market expectations of 0.3%.
Technical Analysis
- EUR/USD: Support and resistance levels are at 1.0840 and 1.0930 respectively.
- GBP/USD: Support and resistance levels are at 1.2850 and 1.3000 respectively.
- USD/JPY: Support and resistance levels are at 149.00 and 150.75-151.00 respectively.
- Gold (XAU/USD): Support and resistance levels are at $3,100 and $3,150 respectively.
Conclusion
- The market outlook remains cautious due to concerns about global trade tensions and potential central bank rate cuts.
- Potential trading opportunities may arise from key economic events, data releases, and central bank statements.
- Traders should closely monitor US macro releases and Trump's tariff announcements for further insights into market movements.
