Fundamental News and Triggers

• Gold prices are consolidating around Rs 59000 as traders are sidelined before key labour data that is expected to give cues for further U.S. monetary policy. As worries about a hawkish Federal Reserve raised the value of the dollar this week, gold and silver prices fell from important levels. Bets that the Fed will have enough economic room to keep raising interest rates increased as the U.S. economy showed signs of resilience.

 

• Dollar Index has risen 3% in the last 15 days, on strong US economic data. Gold and Silver prices are getting hammered on dollar strength. Nonfarm payroll data today will set the further direction for prices.

 

Technical Triggers

• Gold is trading in the range of Rs 59000 and Rs 60300, either side breakout will set further direction.

• Silver has broken important support of last week of Rs 73400, now prices are expected to downslide to 70400

Support and Resistance

 

 

 

Disclaimer: This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.