07-11-2024 04:39 PM | Source: LKP Securities Ltd
Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
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Below the Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"Gold traded in a flat to range-bound manner as market participants awaited the outcome of the Federal Reserve's meeting tonight, with expectations leaning toward a 0.25% rate cut. Additionally, investors anticipate a statement hinting at potential further rate reductions. After yesterday's significant selloff of over Rs.1,800, dropping from Rs.78,500 to Rs.76,700, gold may find some short-term relief if the Fed’s announcement aligns with projections. However, the upside could be limited, with major resistance set at Rs.77,500. The short-term outlook remains cautious, as the expected 0.25% rate cut is not likely to spark a substantial rally, given that it had already been projected in previous Fed communications."
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