Fundamental News and Triggers
• Prices for gold and silver plummeted as investors digested testimony from Jerome Powell, the chair of the Federal Reserve, who told Congress that the central bank needs to do more to control inflation. In an effort to bring inflation back to its 2% goal, the Fed has been making adjustments in interest rates.
• Attempts to make Inflation fall and rise interest rates by FED is negative news for Gold and Silver. Prices are expected to trade weak in short-term for this reason.
Technical Triggers
• Gold is expected to fall towards $1905 (~Rs 58000) as important support of $1935(~Rs 58700) is broken.
• Silver prices have broken important support of $23 (~Rs 70000), next support is $22 (~ Rs 67000)
Support and Resistance
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