Fundamental News and Triggers

• As FED has been raising rates for the last 15 months, the jobs market doesn’t seem to be impacted much by it. ADP Employment data released yesterday revealed that the economy added nearly 5 lakhs private jobs in the month of June vs 3.4 lakhs in May.

• This number has certainly raised eyebrows, the labour market is still very strong, adding thousands of jobs every month over the past three years.

• Gold and Silver prices were hammered on these strong ADP numbers and markets are waiting for today‘s Nonfarm payroll data for further cues.

 

Technical Triggers

• Gold prices have rebounded from strong psychological support of $1900 (~ Rs 57500) which was also 150 DMA, the next resistance is $1950 (~ Rs 58700).

• Silver prices have very important support around $22(~ Rs 68000)which is also 200 DMA and a 50% Fibonacci retracement level of rally from $18 to $26. Prices have rebounded from that level heading towards the next resistance of $23.50 (~ Rs 71600)

 

Support and Resistance

 

 

 

 

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