Fundamental Q News and Triggers
• Gold prices rose from Rs 56200 to Rs 61280, a whopping 9% gain in October, the highest in the last three years on Geopolitical tensions in the Middle East.
• At first, there was fear that the fight between Israel and Hamas would spread to other parts of the Middle East and become much more extensive. That’s exactly what’s happened with the ongoing conflict between opposing groups encircling Israel on numerous borders and the IDF’s ground assault on Gaza.
• Moreover, the markets predict that the Fed will maintain current rates during today’s crucial FED meeting, with signals for future rate trajectories expected from Chairman Powell’s press conference following the meeting and Fed guidance.
• Gold prices, if sustained below 61000, can retrace up to levels of Rs 60200, due to profit-booking of
a steep rally
• Silver prices if sustained below 71000, can retrace up to Rs 70000 due to profit booking.
Support and Resistance
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