Fundamental News and Triggers

• The gold price is falling as the Federal Reserve’s aggressive outlook continues. The Fed’s September rate cuts remain on the table, capping gains for the Dollar Index.
• Federal Reserve policymakers continue to advocate for keeping interest rates higher for longer, which raises US Treasury bond yields and limits the upside for the gold price.
• Concerns about an all-out conflict between Israel and Lebanon remain alive in the aftermath of mounting tensions sparked by Hezbollah provocations, limiting the downside for the safe-haven precious metal.

 

Technical Triggers

• Gold is trading in the range of Rs 71000 to Rs 71800 with a descending trend channel from the past few days, prices need to give a breakout on either side for a new directional trend.
• Silver has formed Double Top formation around $32.5 on daily charts time frame. As prices have closed below the important support of $29.5, the Double top formation target is $28.50 and $26.50.

 

Support and Resistance

 

 

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