Fundamental News and Triggers
• Gold and Silver prices have recovered from a fake breakdown, which indicates downside is limited. Prices are getting support from a weaker dollar and hawkish FED monetary policy.
• The US Manufacturing PMI has been below 50 for five months in a row, raising expectations of a steady monetary policy to keep the US economy from entering a deep recession.
• US Employment data is in spotlight this week.
• $2007(Rs 60000) is very crucial resistance for Gold on daily charts as there is pennant formation. If prices sustain above this resistance, next target is previous high $2070 (Rs 61500)
• $24 (Rs 72000) is very crucial resistance for Silver on daily charts. Prices need to sustain above this level for bulls to extend control towards $25 (Rs 73000).
Support and Resistance
Disclaimer: This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.