Fundamental Q News and Triggers

• Gold prices are trading steady, supported by a weaker dollar and Treasury yields after the Federal Reserve struck a less hawkish tone than expected, although gains in gold were limited by increased risk appetite.

• As was generally anticipated, the central bank kept interest rates unchanged on Wednesday. Markets, however, were pricing in a lower likelihood of any additional rate hikes following remarks made by Fed Chair Jerome Powell, who also noted that financial conditions have significantly tightened in recent months.

• Focus was now on upcoming U.S. nonfarm payrolls data, due today. Powell reiterated this idea on Wednesday. The Fed is more inclined to raise rates when there are indications of strength in the
labour market.

Technical Triggers

• Gold prices are consolidating in a range, and if it sustains above 61100, can rise to 61400. While if it
sustains below 60700, can retrace up to levels of Rs 60200, due to the profit-booking of a 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

 

 

 

 

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