Fundamental News and Triggers

• The debate over raising the debt ceiling among US lawmakers was still the main topic of discussion, although both Democratic and Republican negotiators reported little progress.

• While weekly jobless claims kept rising, signs of strength in the labour market suggested a hawkish outlook for U.S. rates.

• Fears of a global economic slowdown, particularly in the face of a U.S. default and a recession in the Euro Zone, also did little to boost demand for gold as a safe haven.

Technical Triggers

• Gold prices have taken support at $1936, which is critical support at the uptrend line bullish rally from $1620 to $2085. Prices need to sustain at this support, if a bullish rally has to continue, otherwise it might fall to $1908.

• Silver prices have retraced 38.2% to $23 of its rally from $18 to $26.4. Prices need to sustain this support to continue their bull run, otherwise, it might fall to $22.10.

Support and Resistance

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