Fundamental News and Triggers

• Gold and silver prices trading lacklustre on increased caution over the conflict in the Middle East. The upcoming Taiwan elections may be driving the seemingly abnormal moves in financial markets.
• Mixed US inflation data also led traders to continue their predictions that the Fed will begin cutting interest rates as soon as March 2024, keeping the currency under pressure and encouraging some flows into rate-sensitive assets.
• According to the CME Fedwatch tool, traders appeared to have mostly maintained their views that the Fed will lower rates by 25 basis points in March. The tool showed traders pricing in a 70% possibility of a March cut, up from a 64% chance last week.

Technical Triggers

• Gold prices are trading around its support level of Rs 61900-62000, if prices sustain below it, it can fall to Rs 61200
• Silver prices are trading around its support level of Rs 71800 – 72000, if prices sustain below this level, it can fall to 70000

Support and Resistance

 

 

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