Precious Metals hovering around important support levels

Fundamental Q News and Triggers

The increase in Treasury yields and its effects on the currency market have been the focus of September. The market anticipated a decline in the economic figures, but that hasn’t happened.

Sales of new single-family homes in the United States decreased more than anticipated in August, according to data released on Tuesday, although annual home price rise increased for the second consecutive month in July.

In September, consumer confidence in the United States decreased for a second consecutive month due to concerns about rising prices and the political climate.


Technical Triggers

Gold touched important support of $1915 (Rs 58300) on continuous Dollar strength. As the prices have fallen too much, we are likely to see some support around $1900 (Rs 58000).

Silver prices have been continuously taking support at the uptrendline, which now suggests that the next support is at $22.5 (Rs 70000). This level should give support to prices for the uptrend to continue.

Support and Resistance




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