International News
Precious Metals top out after FED rate cut AUGMONT BULLION REPORT
Following the FED’s rate cut this week, the price of gold and silver has begun to decline. Although the Fed opened the door to additional easing and restarted rate decreases on Wednesday, it temperingly warned of sticky inflation, raising questions about how quickly future easing will proceed.
The U.S. central bank released revised economic projections in conjunction with the policy decision, predicting 1.6% growth this year, 1.8% growth in 2026, and 1.9% growth in 2027.
In reaction to the deteriorating labor market, Fed Chair Jerome Powell described the policy decision as a risk-management cut and stated that the central bank was in a “meeting-by-meeting situation” with regard to the rate outlook.
Technical Triggers
- Gold Oct Futures seems to have topped out, and if it sustains below $3700 (~Rs 109,500), then we could only see further profit booking up to $3650(~Rs 108,000) and $3600 (~Rs 106,500).Â
- Silver Nov Futures also seems to have topped out around $43, the next target is $41(~Rs 123,500). Sell on rallies.
Support and Resistance
| Commodity | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3650/oz | $3750/oz |
| Indian Gold | ₹108,000/10 gm | ₹110,500/10 gm |
| International Silver | $41/oz | $43/oz |
| Indian Silver | ₹123,500/kg | ₹130,500/kg |
- Prices of gold and silver fell as the US dollar appreciated and investors profited from the announcement that Israel and Hamas had reached an agreement on the first stage of a ceasefire plan.
- Federal Reserve officials agreed that the dangers to the U.S. labour market were significant enough to justify a rate cut, but they remained cautious due to persistent inflation, according to minutes of the U.S. central bank’s September meeting that were made public on Wednesday.
- Due to political unrest in France and Japan, as well as the ongoing government shutdown in the United States, markets have struggled this week. As a result, investors have turned to gold for safety.
Technical Triggers
- As the gold prices fell more than $100, volatility is very high. If gold futures sustain below yesterday’s low of $3958 (~Rs 120,200), we can say, top has been made, and a correction will follow for at least 4-5%.
- Silver achieved the target of $50 (~Rs 153,000). And then prices retreated by almost Rs 9000 from their high in volatile momentum. Yesterday’s low of $46.90 (~Rs 145,000) is a very strong support. If Silver futures sustain below this level, we could see more correction or profit booking by at least 4-5%.
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3850/oz | $4100/oz |
| Gold | Indian | ₹117,000/10 gm | ₹124,000/10 gm |
| Silver | International | $47/oz | $50/oz |
| Silver | Indian | ₹145,000/kg | ₹150,000/kg |
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