Fundamental News and Triggers
•The price of gold and silver is fluctuating due to the lack of a catalyst, but it is likely to be supported by the weakening US dollar and falling US Treasury bond yields. Despite this week’s light US economic agenda, a risk-on impulse keeps the dollar under pressure.
• The Federal Reserve will make a decision regarding monetary policy next week. Analysts expect the FOMC to raise rates by 25 basis points, in line with market expectations, on what will likely be the final rate hike of this tightening cycle. They note that recent data show there are still strong inflationary pressures.
• Gold prices are consolidating in the range of $1970 (Rs 59600) to $2050 (Rs 61300) from last few days, prices need to break this range to move higher.
• Silver has seen 30% rally from $20 to $26, prices are retracing now, with next 23.6% Fibonacci support at $24.6(Rs 73800)
Support and Resistance
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