Gold and Silver continue uptrend despite FED hawkish comments

Fundamental News and Triggers

  • Renewed concerns about the stability of regional US banks, geopolitical tensions, and China’s economic troubles have continued to bolster the safe-haven gold and silver markets.
  • Furthermore, traders choose to stay on the sidelines ahead of the release of US monthly employment data, which may reveal more clues about the Federal Reserve’s policy path and provide a new push to the yellow metal.
  • Nonfarm payrolls in the United States are expected to expand by 180,000 in January. A poor jobs report is more likely to cause a big reaction in gold than a positive one.

Technical Triggers

  • Gold prices have sustained above $2055 (Rs 63000) resistance, it seems, it can head higher now towards $2100 (Rs 64000).
  • Silver is trading at the resistance level of $23.25 (Rs 72200). If prices sustain above this level, the next resistance would be $24 (Rs 73200).

Support and Resistance

 

 

 

Disclaimer: This report contains the author’s opinion, which is not to be construed as investment advice. The author, Directors, and other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The opinions mentioned above are based on information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is in no way guaranteed. No guarantee is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purposes and are not to be construed as investment advice.

Share on