Gold languishes around lows in run-up to FED meeting
Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Positive – Gold is trading at important
support of $1670, if prices sustain below these levels, it can fall towards $1620.
Long-term View (3-4months) – Positive –Any dips towards 49000 and
52000 should be used as buying opportunities for the target of 52000 and
60000 for Gold and Silver respectively in longterm
SPOT Prices
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
International News – – Gold is still hanging around its lows and a big part of this is anticipation of the Fed announcement on Wednesday. The Fed, at the conclusion
of its two-day policy meeting on Wednesday, is expected to raise interest rates by 75 basis points to combat stubbornly-high inflation, with markets even seeing
a 20% chance for a 100-bps increase.
Demand & Supply– Concerns about surging inflation have also prompted other central banks to tighten monetary policy.
Economic Data – India’s gold imports in August halved from a year earlier to 61 tonnes as volatile local prices and a weak rupee prompted consumers to postpone
purchases.
