Fundamental News and Triggers

• As the central bank hinted at a data-driven strategy for future rate hikes, the price of gold and silver rose slightly. However, the price of the yellow metal continued to trade in a narrow range as it had for the previous two weeks, and it struggled to stay below the Rs 60000 level, which is predicted to signal further gains.

• The dollar yesterday after the FED raised interest rates by 25 basis points as anticipated and moderated its tone regarding a potential U.S. recession. However, citing strength in the labour market and relatively stable inflation, the central bank also left the door open to a potential increase in September.

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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