Bullion under pressure as talk of peak-inflation farsighted now

Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rebound – Gold and Silver will continue to consolidate at downtrend channel, until a positive news. 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 broke below key $1650 support before bulls in the space lucked out. FED has raised interest rates by 300 basis points since March to curb runaway price pressures and is likely to add another 125 basis points before the year-end. Economists expect further hikes in 2023, making any talk of “peakinflation” irrelevant for now.
  • Economic Data – The overall CPI increased 0.4% last month, and was up 8.2% from a year earlier. The core consumer price index, which excludes food and energy increased 6.6% from a year ago, the highest level since 1982.
  • Interest Rate –  On the heels of a solid jobs report last week, the CPI report. likely cements an additional 75-basis point interest rate hike at the Fed’s November policy meeting. Traders solidified bet for the jumbo-sized hike next month.
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