Fundamental News and Triggers

• Gold prices breaks important support of $1950 as a result of conflicting signals from the Federal Reserve, which kept interest rates unchanged but also issued a warning that at least two more rate hikes were likely this year.

• Even though the bank’s decision yesterday is the first time it has kept rates unchanged since starting a cycle of rate increases in 2022, the possibility of further rate increases could reduce demand for the Gold and Silver as global economic conditions worsen and investors seek safe havens.

 

 

Technical Triggers

• Gold has broken important up trendline support of $1950 (~ Rs 59000), which is a bearish signal. This may take prices lower towards $1935(~ Rs 58500) and $1905(~ Rs 58000) in short-term.

• Silver prices are continuously trading below $24.50, next support is $23 (~ Rs 70500) and $22.70 (~ Rs 70000)

 

 

Support and Resistance

 

 

 

 

 

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