Fundamental Q News and Triggers

• As anticipated, the Fed maintained interest rates, and Chair Jerome Powell surprised investors by
stating that monetary conditions have tightened significantly in recent months.

• Powell did not close the door on another hike. However, the markets interpreted his remarks as a
signal that the FED would likely lower rates by the middle of 2024, ending its run of rate increases.

• However, rates are predicted to stay above the 5% mark until at least the end of 2024, even if the
Fed decides not to raise them anymore.

• Asian currencies, the majority of which are suffering severe losses this year as a result of pressure
from rising U.S. rates, have little chance of recovering from this.

Technical Triggers

• Gold prices are consolidating, and if sustained above 61100, can rise to 61400. While if sustained
below 60700, can retrace up to levels of Rs 60200, due to profit-booking of a steep rally.

• Silver prices are also consolidating, and if sustained above 72000, can rise to 73500. While if sustained
below 70900, can retrace up to Rs 70000 due to profit booking.

Support and Resistance

 

 

 

 

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