GDP data waited for further direction in precious metals

Fundamental Q News and Triggers

Demand for the yellow metal as a safe haven lowered this week as Israel delayed its intended ground
invasion of Gaza and there were some indications that the Israel-Hamas crisis was defusing.

However, this was slightly mitigated by the euro zone’s negative PMI data, which sparked worries
about a possible recession in the area. The largest economy in Europe, Germany, had already
experienced a recession this year.

Now, most investors were looking for additional economic signals from the US this week, mostly
related to GDP. The Fed’s preferred inflation gauge, the PCE inflation data, will be released on Friday
after the GDP figure. The Fed has more reason to be aggressive now that U.S. inflation has risen

Technical Triggers

Gold prices are expected to stay supported at these current levels of $2000. Once prices sustain above
these levels, we are expected to follow through with buying towards a new record high.

Silver prices are consolidating around $23, once the prices sustain above $23.20, they are expected
to head higher towards $24.

Support and Resistance





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