Precious Metals awaits US Inflation data for further cues

Fundamental News and Triggers

  • President of the Federal Reserve Bank of New York, John Williams, stated on Wednesday that it is premature to call for rate decreases because the Fed is still struggling to achieve its goal inflation rate of 2%.
  • At its December meeting, the Fed kept interest rates steady and projected three quarter-point rate cuts by the end of 2024.
  • Minutes from the meeting were released this week, but there was no mention of a schedule for the rate decreases. However, traders will be looking for fresh momentum in the US inflation report today.

 

Technical Triggers

  • Gold prices have broken the up trendline support of $2045 (Rs 62600), and we can see profit-booking up to $2010 (Rs 61300)
  • Silver prices are trading at its important support near $23 (Rs 71800), we can see a rebound from these levels to $24 (Rs 75000)

 

Support and Resistance

 

 

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