Fundamental News and Triggers
- Gold and Silver prices have touched record high prices trading above (Rs 102,000/10gm and Rs 117,000/kg respectively) in domestic markets, supported by USDINR depreciation, safe-haven demand on concerns that political pressure on the Federal Reserve could accelerate interest rate cuts.
- Markets are mostly pricing in a 25 basis point reduction in September due to concerns that political pressure on the Federal Reserve could hasten interest rate cuts.
- Following updated data that indicated the US economy grew marginally faster in Q2, investors are turning their attention to the US personal consumption report later today, which is expected to accelerate and raise concerns about inflation.
Technical Triggers
- Gold Oct Futures are expected to continue their upside momentum towards $3485 (~Rs 102,500), if it sustains above $3445 (~Rs 101,500).
- As Silver Sep Futures has broken its range and sustained above $38.80 (~Rs 116,000), upside momentum can swing prices towards a new high of $40 (~Rs 120,000).
Support and Resistance
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