Gold and Silver prices retrace as a debate on Debt ceiling continues

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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