Fundamental News and Triggers

•  In anticipation of the important non-farm payrolls number, which is anticipated to increase by 170,000 compared to a rise of 187,000 in the July report, gold and silver prices are trading steadily. Webelieve that Friday’s jobs report will be in line with market expectations or slightly weaker in light of the unfavourable U.S. data released thus far this week.

• Furthermore, even though they may have slowed down, central banks are still adding gold to their foreign reserve because they believe it to be valuable. Singapore has added 73.6 tonnes of gold so far this year, making it the second-most active gold buyer this year, behind only China, according to the World Gold Council.

Technical Triggers

• Gold prices have finally broken the range of $1930-$1950, the next area of resistance is $1980.

• Silver prices are expected to trade in the range of Rs 74000 to Rs 75400.

Support and Resistance

 

 

 

 

 

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