Precious Metals continues rebound as dollar and yields retreat
Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rebound – While retaking the $1,650 level is a positive signal for gold, the yellow metal is still trading below the key $1,700 level, we might see recovery ahead
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 long-term
SPOT Prices
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
International News – Gold prices jumped more than 2% boosted by a dip in the U.S. dollar and bond yields, as recent lows enticed investors and also sparked a rally in silver in potentially its best day since late-2008.
Economic Data – Supporting safe-haven demand for metals, U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in September, likely as rising interest rates to tame inflation cooled demand for goods.
