Fundamental News and Triggers
• The WGC report that India’s gold demand in 2023 may decline 10% from a year ago to its lowest
level in three years and that record high prices are deterring retail purchases dampened sentiment
in the precious metals markets.
• However, Fitch downgraded the US Long-Term Foreign-Currency Issuer Default Rating (IDR) to
“AA+” from “AAA,” pointing to expected fiscal deterioration over the next three years, an erosion
of governance, and a growing general debt burden, precious metals prices attracted some haven
flows.
Technical Triggers
• Gold is expected to trade in the range of Rs Rs 58800 and Rs 60000 for the next few days.
• Last week’s low of Rs 73400 in Silver is very crucial, if broken can drag prices to Rs 71000.
Otherwise, if we see recovery, the next resistance is Rs 75000
Support and Resistance
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