Fundamental News and Triggers

• Gold and Silver prices fell to a one-and-a-half-week low yesterday as US Treasury bond yields rose and the US dollar strengthened. However, US bond yields began to fall as minutes from the December 12-13 FOMC meeting revealed an agreement among policymakers that inflation is under control.
• According to the minutes, most FED officials believe rates are at or near their peak, however, a few participants expressed concern about how long tight the policy would need to be maintained.
• Meanwhile, market participants predict the Fed to drop rates by more than 150 basis points in December 2024.

 

Technical Triggers

• Gold prices did not sustain above the $2080 (Rs 63600) resistance level and have corrected towards $2040 (Rs 62500), which is a crucial support level for rebound and opportunity for buying.
• Silver prices did not sustain above the $24 (Rs 75000) resistance level and have corrected towards $23 (Rs 72000), which is a crucial support level for rebound and opportunity for buying.

 

Support and Resistance

 

 

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