Fundamental News and Triggers

• Market participants see a quarter-point hike from the U.S. Federal Reserve today as a near certainty,
but are split on the odds of another later in the year, making it more or less a coin toss. As a result,
the gold and silver market has been quiet over the past two days.

• According to the most recent data, despite a persistently tight labour market and declining inflation,
US consumer confidence rose to a two-year high in July.

• On Thursday, the European Central Bank announces its monetary policy. Once more, a quarter-point
increase is widely anticipated; however, mounting evidence of an economic slowdown has raised
doubts about the likelihood of another by year’s end.

Technical Triggers

• Gold prices need to sustain above Rs 60000 to continue their bull run towards a new high.

• Silver has started its new bull run, crossing all major resistance. The next level to watch for is $26 (Rs
78000), if that is cleared, we can see prices touching $30 (Rs 88000 – 90000) as the next target. 

Support and Resistance

 

 

 

 

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