Fundamental News and Triggers

• Gold prices are trading around $2000, a significant reversal from record highs set last week. As risk sentiment improved, Gold and Silver were supported by a strong dollar and hints of economic improvement in the United States.
• Traders were also apprehensive of gold ahead of tomorrow’s Fed meeting, where the central bank is largely expected to keep interest rates unchanged. However, the Fed’s prognosis for relaxing monetary policy in 2024 will be widely scrutinized, especially given recent data showing a healthy labour market in the United States.
• Aside from the Fed, the European Central Bank, the Bank of England, and the Swiss National Bank all have interest rate decisions this week, with all three likely to suggest higher-for-longer interest rates.

 

Technical Triggers

• Gold prices have retraced almost 40% from their rally from $1810 to $2150 towards $1990. It seems prices could consolidate here and then rise higher.
• Silver prices have retraced almost 60% from its rally from $21 to $26 towards $23 now. Price could consolidate for a while before rising higher.

 

Support and Resistance

 

 

 

 

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