All eyes are on the FOMC meeting for further direction

Fundamental News and Triggers

• All eyes will now be on the Fed’s two-day meeting, which concludes today, and the outcome will be the most difficult to predict in years. The ongoing banking woes are also fueling speculation that central banks will slow the pace of monetary tightening.

• What the Fed says in its communiqué today about future monetary policy, as well as what FED Chair Powell says in the subsequent press conference about the interest rate outlook, are likely to be key factors.

• Gold is likely to fall if they are successful in softening rate-cut expectations. Otherwise, another rise towards Rs 60000 is again expected.

Technical Triggers

• Gold prices have run up 10% in the last 10 days from levels of Rs 55000 to Rs 60450. We could see
consolidation in prices today.

• Silver has underperformed more than Gold in the last 10 days, so its bull run is expected to continue. The next target for Silver is Rs 70000 and Rs 72000 in short-term.

Support and Resistance 

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