Fundamental News and Triggers
US private sector layoffs rise to a two-decade high
- Gold and silver prices are attempting to establish a base before the next upleg rise, following confirmation of supporting factors, including massive layoffs and the US government shutdown.
- In October, US challenger job losses tripled, marking the biggest increase in more than 20 years, as businesses cited a decline in customer demand. October saw 153,074 job cutbacks, up 183% from September and 175% from the same month the previous year. It has been the worst year for layoffs since 2009 and the worst amount for any October since 2003.
- A total of 1.1 million layoffs have been declared by companies this year, which is the most since the COVID-19 pandemic year of 2020 and a 65% increase from the previous year. The greatest number for a fourth-quarter month since 2008 was recorded in October.
- As the U.S. government enters its longest-ever shutdown, investors will be watching for any economic data from private sources while official data remains missing.
Technical Triggers
- Gold prices are expected to consolidate in the range of $3900 (~Rs 117,500) to $4060 (~ Rs 122,500) for the next few days, so buy on dips and sell on rallies.
- Silver prices are expected to consolidate in the range of 45.5(~Rs 140,000) and $49 (~Rs 150,000) for the next few days, so buy on dips and sell on rallies.
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