Gold and Silver consolidate, Wait for fresh cues

Fundamental News and Triggers

  • The news that the US central bank will begin decreasing interest rates as early as March 2024 has brought US Treasury bond yields to a new multi-month low and has continued to bolster bullion prices.
  • The attention is still on the release of the US Core PCE Price Index on Friday. The main inflation indicators should impact the Federal Reserve’s future policy decisions and decide the non-yielding gold price’s near-term direction.

 

Technical Triggers

  • Gold prices are trading sideways in the range of Rs 62000 and 62700, with the same rangebound momentum expected to continue.
  • Silver prices are trading sideways in the range of Rs 74000 and Rs 76000, with the same rangebound momentum expected to continue.

 

Support and Resistance

 

 

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