Precious Metals traders stay side-lined before FED meeting this week

Fundamental News and Triggers

Gold had started April at $1990 before rising as high as $2063 before closing the month at $1999.

Falling US Treasury bond yields continued to support gold prices. While the 10-year benchmark note rate is at 3.443 percent and has fallen 8 bps, the 2-year Treasury bond yield has decreased by 3.5 basis points to 4.039 percent.

CME FedWatch Tool’s odds for a 25 bps increase are 83.1 percent, which is less likely than the 83.9 percent chances from the day before.

Technical Triggers

Gold prices are consolidating in the range of $1970 (Rs 59600) to $2015 (Rs 60400) 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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