All eyes on the Jackson Hole meeting and Powell’s speech

Fundamental News and Triggers

 Yesterday, the price of gold and silver reached a two-week high due to bets that the Federal Reserve will have limited room to continue raising interest rates due to weaker-than-expected U.S. business activity data.

As purchasing managers’ index data revealed that U.S. business activity barely increased in August, the dollar fell sharply from a two-month high in overnight trade and Treasury yields dropped from multi-decade highs.

In Jackson Hole, Wyoming, central bankers and other business executives gathered yesterday for an annual symposium. Today is the scheduled date for Powell’s eagerly anticipated speech on the economy.

Technical Triggers

Gold prices are consolidating in the range of 58300 to 59600 for the past few days, waiting for a
positive trigger.

Silver has formed a base around Rs 70000 and is heading towards Rs 75000 in the short term.

Support and Resistance






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