Short-term View (up to 1 week) – Rebound –Gold needs to sustain above $1700, to see a rebound and start trending higher. Long-term View (3-4months) – Positive – – – Any dips towards 50000 and 55000 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 – – Precious Metal price is keeping its range play intact between the $1,650 and $1,680 price zone heading into the weekly close, as investors continue assessing the recent series of downbeat US economic releases even though the advance Q3 GDP print bettered estimates.
Economic Data – – US Gross domestic product increased at a 2.6% annualized rate last quarter. ending two straight quarterly decreases in output, which had raised
concerns that the economy was in recession
Currency — Sterling rallied to a six-week high on improved risk sentiment as Rishi Sunak became Britain’s prime minister, while the dollar fell to a three-week low as weakening U.S. economic data cooled expectations on the pace of future U.S. rate hikes.
