Fundamental News and Triggers

•  Gold and Silver continued their upward momentum on speculation that the FED may pause rate
hikes as US Jobs data was lower than expected. Moreover, Consumer confidence, which is a leading
indicator also declined more than expected. This led to bond yields falling and the USD weakening
as the market lowered its bets on a hike in rates at the September meeting. 

• Given the Federal Reserve’s pledge to proceed cautiously after having already delivered 525 basis
points of cumulative tightening since March 2022 in its most aggressive hiking cycle in four decades,
the precious metal will be very sensitive to upcoming U.S. Nonfarm payroll data tomorrow.

Technical Triggers

• Gold prices have finally broken the range of $1930-$1950, the next area of resistance is $1980

• Silver prices are expected to trade in the range of Rs 74000 to Rs 75400. 

Support and Resistance

 

 

 

 

 

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