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 Metals rebound as the U.S. dollar sank more than 2% against a basket of peers as weakening economic data firmed views that the Federal Reserve will slow the pace of its rate hiking cycle, sending the euro back above parity with the greenback for the first time in a month.
Economic Data – – Data on sales of new U.S. single-family homes dropped in September and data for the prior month was revised lower, supporting the view that Fed rate increases are already working to tap the breaks on the world’s biggest economy.
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
