Fundamental News and Triggers
Silver touches a new high above Rs 190K, ahead of the FED meeting
- Gold is trading in a range, while silver has reached a new high of $62 (~Rs 190,000/kg). Markets are anticipating a Federal Reserve interest rate cut later in the day, as well as firmer signals on policy direction through 2026.
- The market anticipates a 25-basis-point hawkish cut, with Chair Jerome Powell expected to warn caution on future easing due to persistent inflation.
- Fresh data revealed resilience in the US labor market, with job postings continuing a sequence of higher-than-expected readings, while ADP data suggested a resurgence in private hiring in late November, complicating the Fed’s view.
- Meanwhile, central banks continued to be net buyers of gold, with China increasing its reserves for the 13th month in a row to approximately 74.12 million troy ounces.
Technical Triggers
- Gold continues to consolidate in a range, with resistance at $4300 (~Rs 131,400) and strong support at $4200 (~Rs 129,000). Buy on dips and Sell on rallies.
- Silver has achieved the target of $60 (~Rs 185,500) and $62 (~Rs 190,000). Book profit and stay sidelines ahead of FED meeting.
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