Fundamental Q News and Triggers
• The Precious metals are trading rangebound as traders avoid large bets ahead of the Federal Reserve’s
interest rate decision later in the day, with a recent uptick in inflation raising concerns about a
possible hawkish outcome.
• However, a recent increase in inflation, primarily due to rising oil prices, may prompt the central
bank to adopt a more hawkish stance. The Fed has not ruled out at least one more rate hike this
year, which it could announce later in the day.
• Even if the Fed announces no further raises, interest rates are projected to remain above 20-year
highs until at least mid-2024, offering a bleak picture for gold and other non-yielding assets.
• Gold prices have been making lower highs and lower lows, since touching record-high prices in May. Near term resistance is $1960 and support is $1920. Prices need to break this range to set a one-
• Silver prices have been continuously taking support at the uptrend line with strong support at
$22.4. Until prices stay above this support, the uptrend will continue.
Support and Resistance
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