Fundamental News and Triggers

• The gold price fell for the second day in a row after reaching an all-time high above Rs 64000, and it has dropped more than Rs 2000/10 gm in the last two days. Even though a risk-off impulse is a key engine and normally boosts appetite for gold, traders are migrating to the Dollar in the short term.
• Today, traders will be watching the US ADP private employment and Unit Labor Cost data. The Chinese Trade Balance for November is due later this week on Thursday. On Friday, the focus will shift to US employment statistics, including Nonfarm Payroll, Average Hourly Earnings, and the Unemployment Rate.

 

Technical Triggers

• Gold prices have dropped $100, after hitting a record high, as the prices were in overbought condition. Profit booking followed and took the prices to touch $2025 on the downside. One should be cautious and wait for new trading opportunities.

As suggested in last week’s report, Silver resistance was $26(Rs 78000), that target was achieved two days back. Later the prices corrected to $25 (Rs 76000), and now there are growing chances of prices correcting to $24 (Rs 74000).

 

 

 

 

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