Precious Metal trading stable as traders await US Economic data release

Fundamental News and Triggers

  • Gold and silver prices remain constant as investors hold their positions ahead of crucial US economic data releases.
  • Market players are eagerly anticipating the release of the flash Purchasing Managers’ Index today and the Gross Domestic Product report tomorrow. These indicators are supposed to provide insights into the health of the US economy and may impact the Federal Reserve’s interest rate policy.
  • Gold and Silver are also seeing some profitbooking as per the CME FedWatch Tool, markets expect a less than 50% likelihood of a rate cut in March, compared to an 80% chance last week.

Technical Triggers

  • Gold prices are trading in the range of $2020 (~Rs 61700)  to $2035 (~Rs 62250). Prices need to give either side a breakout for a new direction.
  • Silver has touched important support of $22 (~Rs 70400), prices could consolidate here and then start rising again.

Support and Resistance

 

 

 

Disclaimer: This report contains the author’s opinion, which is not to be construed as investment advice. The author, Directors, and 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 opinions mentioned above are based on information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors 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 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 in no way guaranteed. No guarantee 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 purposes and are not to be construed as investment advice.

Share on