Fundamental News and Triggers

• The price of gold has risen to a near three-week high amid expectations that the Federal Reserve would decrease interest rates soon. US bond rates and the USD are near multi-month lows, providing extra support. Traders are now looking to the US PCE Price Index for new clues about the Federal Reserve’s interest rate stance.
• The CME Group’s FedWatch Tool predicts a higher probability of a Fed rate cut action by March 2024 and 150 basis points of cumulative cuts by the end of the year. Data showed that the US economy increased at a 4.9 per cent annualised rate in the third quarter, compared to the 5.2 per cent increase previously reported.

 

Technical Triggers

• Gold and Silver prices are trading sideways to higher on lower volumes due to the holiday season. We are gradually seeing higher highs and higher lows. Bias is towards the upside till year-end. Buy on dips.

 

Support and Resistance

 

 

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