Fundamental News and Triggers
• Gold prices rebounded yesterday as dollar tests multi-weeks low on ECB rate hike and hinted of rate hike again next month. Following the ECB meeting, the euro gained overall strength as a result of hawkish expectations.
•As traders concentrated on the weaker dollar and lower Treasury yields, silver is also recovering from recent lows.
• FED paused the interest rate hike this week, but signaled of further rate increase later in the year. So the overall tone of FED and ECB is hawkish, which is putting pressure on bullion prices.
• Gold has again taken support at $1935 (~ Rs 58700) yesterday after breaking $1950 (~ Rs 59000). There are still chances of prices rebounding higher to $1985 and $2000
• Silver prices are continuously trading below $24.50, next support is $23 (~ Rs 70500) and $22.70 (~ Rs 70000)
Support and Resistance
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