All eyes on US CPI numbers today

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  • 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
      1. https://insights.augmont.com/disclaimer ko
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