Fundamental News and Triggers

• This week, gold experienced phenomenal gains as several Federal Reserve officials stated that the FED is unlikely to raise interest rates any more due to recent decreases in inflation and that additional
softening of inflation may lead to a rate cut in early 2024.

• Expectations of rate reduction in 2024 have driven recent stock market rallies, as the Fed indicates a
cautious attitude to future rate hikes.

• A speech that Fed Chair Jerome Powell would give on Friday was also a topic of discussion. It would
be his last statement before the two-week lockout period that precedes the Fed meeting in December. At its final meeting of the year, the central bank is anticipated to maintain its current rate
of 0%.

 

Technical Triggers

• Gold prices are consolidating around the resistance level of $2045 (Rs 62300).Once the prices sustain above these levels, the next target is $2080 (Rs 63000).

• Silver after clearing the resistance of $25 (Rs73500), the next level to watch for is $26 (Rs 78000).

Support and Resistance

 

 

 

 

 

 

 

 

 

 

 

 

 

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