Fundamental News and Triggers
- The minutes of the most recent Fed meeting revealed that policymakers are still worried about the labor market and inflation, with the majority of voting members believing it is too early to cut interest rates. As a result, gold is stabilizing around $3400.
- An 85% possibility of a rate drop in September is now factored in by traders. The Federal Reserve’s cautious approach may reduce expectations for strong rate cuts throughout the remainder of the year, even though the rate cut in September is virtually guaranteed.
- When Jerome Powell speaks at the annual central bank symposium in Jackson Hole, Wyoming, on Friday, markets will receive more hints about the monetary policy of the Federal Reserve.
Technical Triggers
- Gold seems to continue its downward trajectory after sustaining below $3400. Next support is $3340 (~Rs 98500), while $3445 (~Rs 100,500) remains the resistance.
- Silver prices are expected to consolidate in a range of $37(~Rs 110,500) to $39(~Rs 115,000).
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.
