Fundamental News and Triggers

• All eyes on today’s FOMC economic projections
  • The US economic calendar includes the release of housing market data – Building Permits and Housing Starts today. The attention, however, will remain on the key FOMC monetary policy decision.
  • Meanwhile, investors will be eagerly watching the latest economic predictions and Fed Chair Jerome Powell’s speech for clues about the future rate-cut path, which will fuel US Dollar demand.
  • The strong consumer spending, combined with the US economy’s resiliency and higher inflation readings in recent months, suggests that the Fed may pause its rate-cutting cycle at the January meeting.
  • The prospect of a less dovish Fed lifted the yield on the benchmark 10-year US government bond to a month high, which should act as a drag on the gold price.
  • Meanwhile, Ukraine alleges that a blast in Moscow killed Igor Kirillov, the commander of the Russian military’s nuclear and chemical weapons protection teams, on Tuesday, raising the possibility of further escalation of hostilities.

 

Technical Triggers

• Gold is expected to trade in a range of $2650(Rs 76400 to $2750(Rs 79000) for the next few days of December.
• Silver prices were not able to sustain above the resistance of $32.30(Rs 96500) and hence corrected. The next level to watch for is $30 (Rs 89000-89500) on the downside for a few days now.

Support and Resistance

 

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