Fundamental News and Triggers

• According The release of hawkish FOMC minutes caused the US Dollar to fall, which in turn caused precious metals to rise. The lower trading volumes that are usual on Thanksgiving Day contributed to the price change as well.Bullion prices have recently risen on expectations that the Federal Reserve may pursue less aggressive interest rate hikes.

• Investors received conflicting signals from US economic data during this time. The sharp decline in unemployment claims indicates a robust labour market. On the other hand, orders for durable goods decreased, which may be a sign of an impending slowdown in the economy, and consumer sentiment indicated rising fears about inflation. Given the uncertainties, these many economic concerns are probably having an impact on the precious metals market as investors look for safe-haven investments.

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 73500) and prices are consolidating around that
level. Once the prices sustain above it, the next target is $25 (Rs 76000).

Support and Resistance

 

 

 

 

 

 

 

 

 

 

 

 

 

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