Fundamental News and Triggers
• As investors assessed U.S. jobs data showing a cooling trend and growing expectations that the Federal Reserve is close to ending its monetary tightening cycle, precious metals prices have been range-bound.
• The perception that the U.S. economy is cooling without abruptly slowing down has been influenced by a variety of economic data that emphasises moderating inflation and a loosening labourmarket, supporting hopes for a soft landing.
• According to the CME FedWatch tool, markets currently assume that the Fed will hold interest rates steady this month with a probability of over 60% that there won’t be any further increases this year.
• Gold prices have finally broken the range of $1930-$1950, the next area of resistance is $1980.
• Silver prices are seeing profit-booking and next support is Rs 74000 and Rs 73000.
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.