Fundamental News and Triggers
• Due to a decline in the US Dollar Index, gold prices are trading higher. The drop in US Treasury yields is part of what’s causing the greenback to correct. Fears related to China may lower the demand for precious metals.
• The CME FedWatch tool estimates that there is a 93% chance that the Federal Reserve will maintain interest rates at its policy meeting on September 19–20. Furthermore, there is a 60% chance that rates will stay where they are for the remainder of the year.
Technical Triggers
• Gold prices are facing strong resistance at $1980 (60000). The next support lies at $1935 (59000).
• Silver prices are seeing profit-booking and the next support is Rs 71500 and Rs 70000.
Support and Resistance
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