Fundamental News and Triggers

• Gold is trading between $2020 and $2050 per ounce, after temporarily rising to record highs above $2100 at the start of the week.
• Gold prices are holding gains as traders hunkered down in expectation of additional signs on a weakening labour market in the United States, while attention is also focused on when the Federal Reserve plans to begin cutting interest rates.
• Traders were now focused solely on nonfarm payroll data for November, which was coming today, for any additional labour market clues.

 

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)

 

Support and Resistance

 

 

 

 

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