Fundamental News and Triggers
• After declining for 12 straight months, inflation in the US increased in July to 3.2%, helped by higher housing costs. Increased energy costs have reactivated some of the economy’s underlying inflationary pressures.
• The FED has increased its benchmark rate 11 times since March 2022, reaching a 22-year high to control inflation. The inflation data from yesterday didn’t do much to change the odds that the FED will hold interest rates steady in September. However, markets are expressing growing scepticism that the central bank will lower interest rates this year, creating a bleak outlook for gold and silver in the near term.
• Gold has broken important support of Rs 58800, prices can slide down to Rs 58000 in the near term.
• Silver has broken important support of Rs 70000, prices can slide down to Rs 68000 in the near term.
Support and Resistance
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