Focus on the FED chairman’s speech for further direction

Fundamental Q News and Triggers

Due to the uncertainty surrounding the Fed’s stance on rate hikes, the price of gold and silver saw some profit-booking yesterday.

US bond yields are declining, which has restrained the current USD rally and supported the price of gold and silver.

Before making any new directional bets, traders are still waiting for Fed Chair Jerome Powell to speak. The speech, later today, will have a significant impact on the price of gold and silver.

Technical Triggers

As suggested, if gold prices break 60700, and can touch 60200, the same thing happened. Now if
prices fall again below 60200, they can touch 59700. And if prices recover from here and sustain
above 60400, the upside run can continue towards 60700 and 60900.

Silver prices are also consolidating in a range, and if it sustains above 72000, can rise to 73500. While
if it sustains below 70900, can retrace up to Rs 70000 due to profit booking.

Support and Resistance





Disclaimer: This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.


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