Fundamental News and Triggers

• According to the most recent data from private-sector payroll processor ADP, the gold market is seeing increased purchasing interest as the US labour market lost considerable momentum last month.
• According to ADP, 103,000 jobs were created last month. The figures fell far short of experts’ estimates, who predicted employment additions of approximately 130,000. At the same time, October’s employment figures were lowered to 106,000, a little decrease from the previous estimate of 113,000.
• Investment demand is strong, as Central banks maintained their summer purchasing binge into the fall, adding 42 tonnes of gold to their official holdings in October.

 

Technical Triggers

• Gold prices have dropped $100, after hitting a record high, as the prices were in overbought condition. Profit booking followed and took the prices to touch $2025 on the downside. One should be cautious and wait for new trading opportunities.
• Silver has corrected after touching resistance at $26. Buying opportunity lies around $24 (Rs 74000)

 

 

 

 

 

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