Fundamental Q News and Triggers

• Yesterday, Fed Chair Powell gave a clear indication to the market that the Federal Reserve is done raising interest rates, which calmed global markets.

• Powell’s speech helped improve mood throughout markets that have recently been troubled by geopolitical worries, steeply increasing Treasury rates driving the prospect of economic contraction, and a mixed earnings season. This comes after a lesser-than-expected ISM manufacturing reading earlier in the day.

• However, precious metals reacted quite mutedly to the possibility of a rate peak, which is typically viewed as favourable for investment metals.

Technical Triggers

• As Gold prices have broken important support of 60700, prices can retrace up to levels of Rs 60200,
due to the profit-booking of this steep rally.

• Silver prices are also consolidating in a range, and if it sustains above 72000, can rise to 73500. While
if it sustains below 70900, can retrace up to Rs 70000 due to profit booking.

Support and Resistance

 

 

 

 

Disclaimer: This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.