Gold fails to make progress higher

Fundamental News and Triggers

As traders shifted their focus to the dollar in anticipation of additional cues on U.S. interest rates, gold prices yesterday remained close to three-month lows.

After the FED gave conflicting signals last week, Federal Reserve Chair Jerome Powell is scheduled to testify before Congress later in the day, possibly providing additional hints on the direction of monetary policy and interest rates.


Technical Triggers

Gold is likely to take support at $1935 (~ Rs 58700) after breaking $1950 (~ Rs 59000).

Silver prices are continuously trading below $24.50, next support is $23.70 (~ Rs 71000) and $23 (~ Rs 70000).

Support and Resistance






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