Fundamental News and Triggers
- Strong US labour market data which indicated that businesses added more jobs than anticipated in June and that the unemployment rate unexpectedly fell to 4.1% served as a lid on gold’s gains and strengthened the case for the Federal Reserve to keep interest rates unchanged.
- It is anticipated that President Donald Trump’s big package of tax and spending cuts, which was adopted by the House on Thursday, will increase the national debt by nearly $3 trillion over the next ten years.
- In contrast, Trump announced that he will start writing to nations on Friday, outlining the tariff rates they will be subject to on US imports. This is a significant change from his previous promises to negotiate individual agreements.
Technical Triggers
- Gold is expected to trade in the range of $3300 (~Rs 96000) and $3400 (~Rs 98500) this week.
- Silver has given a breakout of its range, trading above $37 (~ Rs 108,000). Now next target is $38 (~Rs 111,000).
Support and Resistance
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