Precious metals weaken after Waller’s comments

Fundamental News and Triggers

  • Gold and silver prices are trading weak, as FED governor Waller commented that the central bank should not rush to cut rates until lower inflation can be sustained.
  • As per the CME Fed Watch Tool, traders are pricing a 53% chance of a rate cut in March.
  • However, geopolitical risk will keep providing a base for Gold prices around $2000 and Silver prices around $22

Technical Triggers

  • As suggested yesterday, Gold prices, if prices sustained below their support level of Rs 61900-62000, can fall to Rs 61200
  • As suggested yesterday, Silver prices, if prices sustain below their support level of Rs 71800 – 72000, can fall to 70000

Support and Resistance

 

 

 

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