Fundamental Q News and Triggers

• Gold and silver prices are continuing to rise as a result of follow-through buying. A growing sense of uncertainty about the direction of the US economy, along with volatile statistics and tighter financial markets, prompted Federal Reserve members to adopt a more cautious approach last month.

• According to the Fed’s September meeting minutes released yesterday, most officials agreed that one more rate hike would be appropriate and stressed the need to maintain interest rates higher for longer as inflation remains well above the central bank’s 2% target.

 

Technical Triggers

• As mentioned in previous reports, to buy Gold around 57500 for the target of 58000 and 58500, the
first target is achieved today. This momentum is likely to continue towards Rs 58500 now.

• Silver is very near to its first target of Rs 70000 and prices are likely to continue its runup towards the
second target of Rs 72000.

Support and Resistance

 

 

 

 

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