Fundamental News and Triggers
- Gold prices slightly declined below $3380 (~Rs 99400) as investors’ attention was drawn to the Federal Reserve’s annual Jackson Hole symposium and US President Donald Trump’s meeting with European and Ukrainian leaders.
- In a White House meeting with President Zelensky, alongside European and NATO officials, President Trump voiced hope that the war in Ukraine would be over.
- After the negotiations, he claimed, the US will be “involved” in keeping the ceasefire and would call Russian President Putin.
- Amidst mounting anticipation for a September interest-rate decrease, markets will be closely observing Federal Reserve Chair Jerome Powell’s forthcoming statements at the Jackson Hole Symposium as well as the minutes from the Fed’s most recent meeting.
Technical Triggers
- Gold seems to continue its downward trajectory after sustaining below $3400. Next target is $3340 (~Rs 98500), while $3445 (~Rs 100,500) remains the resistance
- Silver prices are expected to consolidate in a range of $37.5(~Rs 112,500) to $39(~Rs 115,000).
Support and Resistance
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