Precious metals trade rangebound as US Jobs growth cools

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.


Technical Triggers

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






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