Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rangebound – Gold is able to sustain above downtrend channel after 4 months while silver is on the verge of crossing the downtrend line
Long-term View (3-4months) – Positive – Any dips towards 50000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively by year-end.
SPOT PRICES
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
All eyes on US CPI numbers today
- International News – For precious metals, the CPI data and Jackson Hole will be important. For today’s inflation data, a higher-than-expected reading could be the catalyst for a final shake-out of stubborn and stale shorts within the volatility ahead of the next significant move to the downside.
- Economic Data – Combined with last week’sNFP report, the FED is expected to hike interest rates by another 75 basis points at the next Fed meeting in September
- Domestic News – If there is a pop-up in geo-political issues, then this will help gold, but it won’t be a sustained rally … The next catalyst for gold prices will be (the) U.S. CPI print coming out this week
