Commodity Weekly Insights : Prices witnessing a correction from below record high levels - Geojit Financial Services Ltd
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Outlook
After a remarkable 19.12% gain thus far in 2024, gold prices expected to trade steady in the upcoming period considering the recent employment data that points to weakening labor market health, also if the U.S. inflation data for July confirm a further slowdown and easing towards Fed’s 2.0% target. The Federal Reserve acknowledged progress towards its 2% inflation target, with moderating inflation assessment to "somewhat elevated" from "elevated". After maintaining the interest rates steady at the 5.25%-5.50% range, the central bank signaled a possible rate cut at its next meeting in September. Weak industrial data from U.S. and China, the world’s two largest economies offered support for safe haven gold. The prices may get additional support if the lingering geopolitical tensions in Middle East further worsen.
Technical View:
London Spot:
Prices witnessing a correction from below record high levels. Liquidation pressure would sustain only with fall below SMA support at $2340 region. Holding the same support can induce pullbacks.
MCX:
The momentum in prices may strengthen above the resistance of Rs.70700 region. Liquidation below SMA support of Rs.69000 could trigger weakness.
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