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Precious Metals consolidate as uncertainties diminishes AUGMONT BULLION REPORT
Fed minutes signaled caution on rate cuts, keeping gold near $3400. Traders eye a September cut, while Powell’s Jackson Hole speech may offer clarity. Key gold support: $3340, resistance: $3445.
- The minutes of the most recent Fed meeting revealed that policymakers are still worried about the labor market and inflation, with the majority of voting members believing it is too early to cut interest rates. As a result, gold is stabilizing around $3400.
- An 85% possibility of a rate drop in September is now factored in by traders. The Federal Reserve’s cautious approach may reduce expectations for strong rate cuts throughout the remainder of the year, even though the rate cut in September is virtually guaranteed.
- When Jerome Powell speaks at the annual central bank symposium in Jackson Hole, Wyoming, on Friday, markets will receive more hints about the monetary policy of the Federal Reserve.
Technical Triggers
- Gold seems to continue its downward trajectory after sustaining below $3400. Next support is $3340 (Rs 98500), while $3445 (Rs 100,500) remains the resistance.
- Silver prices are expected to consolidate in a range of $37(Rs 110,500) to $39(Rs 115,000).
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3340/oz | $3445/oz |
| Indian | ₹98,500 / 10 gm | ₹100,500 / 10 gm | |
| Silver | International | $37/oz | $39/oz |
| Indian | ₹110,500 / kg | ₹115,000 / kg |
US spot Gold prices climbed above $4,250 early Monday, touching a six-week high as investors turned cautious ahead of the upcoming US ISM Manufacturing PMI release. The yellow metal is poised for further upside momentum if it secures a sustained daily close above the crucial $4,250 resistance level.
The US Dollar opened December on a softer note, pressured by rising expectations that the Federal Reserve may announce a rate cut next week. Growing market confidence in easing monetary conditions has boosted the appeal of non-yielding assets such as gold.
Analysts note that a decisive break and close above $4,250 could reinforce bullish sentiment and pave the way for an extended rally in the days ahead. As global markets await fresh cues from the US economic calendar, gold continues to benefit from a favorable macroeconomic backdrop and robust safe-haven demand.
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