Fundamental News and Triggers
• Following disappointing Chinese data, investors flocked to the U.S. dollar, pushing gold prices to a one-week low. However, hopes for a halt in U.S. Federal Reserve interest rate hikes prevented further losses.
• The CME FedWatch tool estimates that there is a 93 per cent chance that the Federal Reserve will maintain interest rates at its policy meeting on September 19–20. Furthermore, there is a 60 per cent chance that rates will stay where they are for the remainder of the year.
Technical Triggers
• Gold prices are facing strong resistance at $1980 (60000). Next support lies at $1935 (59000)
• Silver prices are seeing profit-booking and next support is Rs 74000 and Rs 73000.
Support and Resistance
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