Gold and Silver topped out in the short-term

Fundamental News and Triggers

  • This week saw a new all-time high for gold, but it didn’t take long for it to start declining again; it’s presently headed for its worst weekly decline since the end of last year. Due to persistent inflation data, reduced interest cuts are not only not expected in the US currently, but they are also expected to occur later in 2024, which has led to enormous increases in gold.
  • The US Federal Reserve’s dwindling odds of cutting interest rates in September put some selling pressure on the precious metal. Waller, the Fed, is scheduled to speak today.
  • The Fed officials’ hawkish comments might put more pressure on the yellow metal. It is important to remember that higher rates often lower gold prices since they raise the opportunity cost of investment.

Technical Triggers

  • As suggested, Gold has double topped and is expected to retrace to $2345-50 (Rs 72000), the same thing happened. Now this retracement is expected to continue towards $2300 (Rs 70500).
  • As suggested in yesterday’s report, if silver prices retrace below $31 (Rs 92000), it means it has topped out and we can see a correction towards Rs 90000 and Rs 87500. Prices ran up very fast and were trading in the overbought territory this week, so this retracement was due for the healthy bull market.


Support and Resistance



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