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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