Gold and Silver vulnerable before Inflation data

Fundamental Q News and Triggers

The focus is on US Inflation data tomorrow and its impact on US interest rates. At the FED’s policy meeting on September 19–20, traders estimated that there was a 93% chance that rates would remain unchanged. However, the odds also indicated a 41% likelihood of a hike in November.

The Fed must adopt a less interventionist stance, and the dollar index and Treasury yields must retreat if gold futures are to rise above $2000 per ounce.

Technical Triggers

The next targets for the bears could be Rs. 58300 and Rs. 58000 if the price of gold falls below Rs. 58800 and begins to encounter that level as resistance.

 Before the Rs 59600 barrier, Rs 59200 is aligned as immediate resistance on the upside. To help Gold reach its next target of Rs. 60000, a daily close above that level might attract more buyers.

Support and Resistance





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