Fundamental Q News and Triggers

• There is pressure on gold and silver prices before US Inflation data. Yearly Inflation is predicted to
increase from 3.2% to 3.6% in July. The figure might provide insights into the overall inflationary
trends in the US economy.

• Investors have been accounting for the possibility that the US Federal Reserve will raise interest
rates by 25 basis points at its meetings in November or December. Additionally, the FED is
anticipated to maintain higher interest rates for an extended period of time. A stronger sense of
hawkishness could be reinforced by higher inflation, which could strengthen the dollar and increase
selling pressure on gold prices. 

Technical Triggers

• The next targets for the bears could be Rs. 58300 and Rs. 58000 if the price of gold falls below Rs.
58800 and begins to encounter that level as resistance.

• Before the Rs 59600 barrier, Rs 59200 is aligned as immediate resistance on the upside. To help
Gold reach its next target of Rs. 60000, a daily close above that level might attract more buyers. 

Support and Resistance

 

 

 

 

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