• Concerns over the Russia-Ukraine peace deal and expectations of dovish comments from Fed Chair Powell at the Jackson Hole symposium have caused gold and silver to continue their downward trend due to the likelihood of reducing geopolitical tensions.
• President Zelensky of Ukraine and Russian President Vladimir Putin may soon meet. The meetings with Donald Trump were hailed by Ukrainian President Zelenskiy, who described them as a major step toward ending the current conflict and opening the door for possible talks with Russian President Putin.
• However, market players are simultaneously expecting that Powell will clue them in his speech as to whether a rate cut is likely at the meeting in September. Two 25 basis point rate reductions are anticipated this year, according to FED probability, with the first one possibly taking place in September.

Technical Triggers

• Gold seems to continue its downward trajectory after sustaining below $3400. Next target is $3340 (~Rs 98500), while $3445 (~Rs 100,500) remains the resistance
• As Silver prices have broken their support of $37.5(~Rs 112,500), prices are expected to fall towards $36.50 (~Rs 109,500).

Support and Resistance