Fundamental Q News and Triggers

• With recent US economic data indicating a slowing jobs market and diminishing inflationary pressures, the price of gold and silver has rebounded from support levels, stoking expectations that the Federal Reserve may start relaxing monetary policy earlier than anticipated.

• The October saw a 31-month high for India’s gold imports, up 60% to 123 tonnes from the previous year, as jewellers increased their purchases due to a decline in prices before a major festival.

• The faster-than-anticipated deployment of solar photovoltaics this year is the main reason why the Silver Institute’s prediction for silver industrial demand in 2023 has been revised to 10% higher to 632 moz.

Technical Triggers

• Gold prices retraced from Rs 61000 to 60400 and again bounced back to same levels, on strong technical buying. The next target is 61500 and 61800

• Silver is unable to clear strong resistance of $24 (Rs 74000) and prices are consolidating around that level. Once the prices sustain above it, the next target is $25 (Rs 76000)

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.