Insights

Precious Metals very close to record-high levels

Daily Report

The gold price stays close to a nearly two-month high as Fed rate reduction expectations rise. Gold closed last week above important resistance of $2400 (Rs 73000), this has opened doors for the previous high of $2450 (Rs 74500) and a new high of $2500 (Rs 76000) in the coming days if prices sustain above the resistance level.

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Precious Metals gives a technical breakout from the range

Weekly Blog

Gold gained bullish momentum and surged above $2400 (Rs 73000) on broad-based USD weakness. Technically Gold prices have given a bullish breakout of the triangular pattern and a weekly closing above it. This opens the door for extra gains towards the previous high of $2450 (Rs 75000) and more in the coming days if momentum builds on.

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Gold skyrockets above $2400 as CPI drops to 3%

Daily Report

Gold skyrockets above $2400 as the falling US Inflation and 10-year Treasury bond yield increases Gold’s appeal. The CME FedWatch Tool predicts an 85% chance of a quarter-point rate cut in September, up from 70% on Wednesday, also acts as tailwind for the gold prices.

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Gold edges higher on strong central bank demand

Daily Report

Despite the absence of the PBoC, global central bank buying continues to support gold prices. If gold surpasses last week’s top of $2,393, it will likely reach the next all-time high of $2450. In the short and medium run, the trend has shifted sideways, but Gold is in a long-term uptrend.

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Precious Metal’s focus is glued to NFP data today

Daily Report

Precious metals prices are trading near resistance levels ahead of today’s critical NFP report. The critical data will play an important role in shaping market expectations about the Fed’s future policy actions, which will boost USD demand and offer a new directional push to Gold and Silver.

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