Gold is trading at critical support of $1950-60, breaking this will lead to the break of a medium-term ascending channel. This will lead prices to fall to $1935 (Rs 59200) and $1900 (Rs 58400) with resistances of $2000 (Rs 60400) and $2025 (Rs 61000).
Deep pocket traders waiting for FED meeting
Deep pocket traders are avoiding large directional positions in bullion market as they are waiting for FED monetary policy next week.
Gold making a base around $1950
As a result of the disappointing economic data, the gold market has experienced a strong rebound off of support just above $1950. The probability of a rate pause was 35% a week ago, 75% on Friday, and 77% today, according to the CME’s FedWatch.
Interest Rate hike pause probability growing
Fundamental News and Triggers • Gold prices have rebounded amid safe-haven demand and as markets awaited more cues regarding the raising of the U.S. debt ceiling. • In response to…
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Gold heading towards $2000 on safe-haven demand resurgence
Gold prices have rebounded amid safe-haven demand and as markets awaited more cues regarding the raising of the U.S. debt ceiling.
Gold and Silver prices retrace as a debate on Debt ceiling continues
Gold prices have taken support at $1936, which is critical support at the uptrend line bullish rally from $1620 to $2085. Prices need to sustain at this support, if a bullish rally has to continue, otherwise it might fall to $1908.
Gold and Silver prices lacklustre on US Debt ceiling talks advance
Gold and Silver prices are trading lackluster as US Debt ceiling talks are progressing and likely to conclude by the end of this week
Gold and Silver to remain under pressure in short-term
Traders will be watching FED Chairman Jerome Powell’s speech and US debt ceiling negotiations closely, as US President Joe Biden stated that a decision to avoid a default will be made by Sunday.
Gold and Silver retreat on optimism of striking of US Debt ceiling deal
Gold and Silver prices retreat from overbought zone on optimism of US diplomats passing the US debt ceiling deal by the end of this week, which lead to a recovery in the Dollar Index, which was in oversold zone.
Precious Metals traders stay side-lined before FED meeting this week
Precious metal remains sluggish on holidays in major markets and awaiting FED meeting tomorrow. US FED is expected to raise interest rates by 25bps this week, which is already discounted in the prices. Future stance of pause is the thing that is speculated and awaited.
Gold consolidates in small range between $1970 and $2015
Gold had started April at $1990 before rising as high as $2063 before closing the month at $1999. Falling US Treasury bond yields continued to support gold prices.
Gold and Silver zigzag around $2000 and $25
Gold and Silver prices drop slightly as positive inflation data from the US GDP favour US Dollar bulls. The advance readings of the US GDP for the first quarter of 2023 revealed mixed results.