The two-day FOMC meeting begins Tuesday morning and ends Wednesday afternoon with a statement. The FOMC is expected to slightly raise U.S. interest rates at this meeting. Fed Chairman Jerome Powell will also hold a press conference after the meeting. As usual, the marketplace will parse the Fed’s wording for clues on the pace of future Fed rate hikes and the Fed’s inflation expectations.
Here are key things to know about gold prices, silver rates on Tuesday:
✅ Investors were cautious ahead of a US Fed meeting, which could offer direction on future interest rate hikes, while markets kept a close watch on China-US trade war. This led to a firm trend overseas, said traders.
✅ On Monday, gold prices gained Rs. 100 per 10 grams. While silver prices eased by Rs. 50 to Rs. 38,100 per kilogram on Monday.
✅ Sovereign remained flat at Rs. 24,500 per piece of eight gram.
✅ Silver ready strengthened by Rs. 190 to Rs. 38,290 per kg and weekly-based delivery by Rs. 200 to Rs. 37,725 per kg.
✅ Silver coins remained unaltered at Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.
✅ Globally, gold today rose 0.03 per cent to $1,199.20 an ounce and silver by 0.04 per cent to $14.23 an ounce in Singapore.
✅ Gold has fallen more than 12 per cent since hitting a peak in April against a backdrop of trade disputes and as rising US interest rates diminish demand for non-interest bearing bullion, reported Reuters.
Technically Reports…..
Gold bears have the overall near-term technical advantage. However, recent sideways price action favors the bulls and suggests a market bottom is in place. Gold bulls’ next upside near-term price breakout objective is to produce a close in December futures above solid resistance at $1,220.70.
Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the August low of $1,167.10. First resistance is seen at $1,215.80 and then at last week’s high of $1,218.00. First support is seen at $1,200.00 and then at $1,196.00. Wyckoff’s Market Rating: 3.0
December silver futures bears have the solid overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce.
The next downside price breakout objective for the bears is closing prices below solid support at $13.50. First resistance is seen at last week’s high of $14.465 and then at $14.59. Next support is seen at Monday’s low of $14.22 and then at last week’s low of $14.065. Wyckoff’s Market Rating: 2.5. – Neal Bhai Reports
