Fundamental News and Triggers

• Gold prices have risen beyond $2550 due to rising rate cuts bets and heightened geopolitical tensions, indicating potential for further rise.
• The Federal Reserve has a quandary in lowering interest rates when it meets next week, according to Nick Timiraos of the Wall Street Journal, since the decision comes despite a softening job market and recent hints of sticky inflation.
• The central bank is expected to convene next week, with markets divided on a 25 or 50 basis point drop. According to CME Fedwatch, recent inflation data suggests a 25 basis point reduction in interest rates.
• Markets anticipate the Fed to lower rates by more than 100 basis points this year, with any.

 

Technical Triggers

• After Gold has cleared $2550 (Rs 72500) resistance, the next resistance is $2600 (Rs 75000)
• Silver is moving closer to its previous resistance of $ 30.8 (~Rs 86000), once it is cleared, the next level to watch for is $32 (~Rs 90000).

 

Support and Resistance

 

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