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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