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.
• 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
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