Precious metals like and have declined over the last two sessions, and as highlighted in Wednesday’s sell call, most targets have already been achieved.
On Friday morning in Asian trading, gold remained relatively stable, positioning itself for a weekly gain as markets reacted to positive developments in Middle East peace negotiations.
Investor sentiment is being influenced by signs of easing tensions. Reports suggest that talks between the U.S. and Iran may resume, with indications that both sides are moving closer to an agreement. A temporary ceasefire in the region has also contributed to a more stable outlook.
With improving geopolitical conditions and reduced uncertainty, profit booking in precious metals is expected, which could lead to a short-term shift in trend.
Intraday Outlook:
After a successful sell phase, traders may now consider booking profits and shifting towards fresh buying opportunities, anticipating a possible rebound in prices.
Buy Strategy:
Buy : $4760 – $4770
Buy Gold June Futures: $4780 – $4790
Stop Loss: Open (as per risk management)
Targets:
Gold Spot (XAUUSD):
TGT1: $4840
TGT2: $4850
TGT3: $4860
Gold June Futures:
TGT1: $4850
TGT2: $4860
TGT3: $4870
Conclusion:
With sell targets nearly achieved, it is now time to book profits and look for buying opportunities. Improving geopolitical sentiment may support a short term recovery in gold and silver prices.
