Fundamental News and Triggers

• Bullion prices are consolidating in a range as traders are currently analysing in his remarks on Wednesday, Jerome Powell, the chairman of the Federal Reserve, stated that it would not be appropriate to lower interest rates until they were confident that inflation was heading toward their target of 2%. He further stated that the inflation data for this year “has not given us that greater confidence.” Monetary policy would be decided “meeting by meeting.”
• The central bank declared that it would slow down the pace of its Quantitative Tightening (QT) program and issued a neutral statement on monetary policy. The Federal Reserve said that, effective June 1, its balance sheet holdings of US Treasury securities will drop from $60 billion to $25 billion.

 

Technical Triggers

• Gold prices have strong support around the $2280 zone, if prices sustain below this, it can fall to $2220.
• Silver has strong support at $26.5, if prices sustain below this, it can fall to $26.

 

Support and Resistance

 

 

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