Precious Metals poised for potential gains

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.


Technical Triggers

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 



Disclaimer: This report contains the opinion of the author, which is not to be construed as investment advices. The author, Directors, other employees of Augmont Enterprise Private Ltd. and its affiliates cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above. The above-mentioned opinions are based on the information, which is believed to be accurate, and no assurance can be given for the accuracy of the information. The author, directors and other employees and any affiliates of Augmont Enterprise Private Ltd cannot be held responsible for any losses in trading. In no event should the content of this research report be construed as an express or an implied promise, guarantee or implication by or from Augmont Enterprise Private Ltd. that the reader or client will profit or the losses can or will be limited in any manner whatsoever. Past results are no indications of future performance. Information provided in this report is intended solely for informative purposes and is obtained from sources believed to be reliable. The information contained in this report is no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. We do not offer any sort of portfolio advisory, portfolio management or investment advisory services. The reports are only for information purpose and are not to be construed as investment advices.


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