All eyes on US CPI this week

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    • gold and silver – kya lagta hai

      short-term view (up to 1 week) – WeaknessGold has broken support at downtrend channel again, while Silver is continuously trading below its downtrend line from last 5 months

      Long-term view (3-4months) – positive –  – – Any dips towards 50000 and 52000 should be used as buying opportunities for the target of 55000 and 60000 for Gold and Silver respectively by year end.

       

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      spot gold daily price chart
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      Important news and triggers

      All eyes on US CPI this week

      • International news –  The precious metal is facing a sell-off heat to lower consensus for the US CPI. As per the market estimates, the US inflation will land at 8.1%, 40 basis points lower than the prior release. The households in the US economy are facing the headwinds of soaring price pressures for a prolonged time.
      • Demand and Supply – – The Fed is largely expected to deliver a 75-basis point rate increase later this month. The U.S. central bank has raised its benchmark overnight interest rate by 225 basis points in total since March to fight soaring inflation.
      •  Economic data – – – Lower consensus for US CPI is resulting in a sell-off in the precious metal. The headline US CPI is seen lower at 8.1% vs. 8.5% reported earlier.
      • Indian Demand – 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.
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