Gold falls as traders shift to dollars after Inflation Report

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Gold and Silver – Kya Lagta Hai

Short-term View (up to 1 week) – –Gold and Silver prices have been continuously falling from past few days but market is oversold zone now  Long-term View (3-4months) –Any dips towards 50000-51000 and 62000-63000 should be used as buying opportunities for the target of 55000 and 75000 for Gold and Silver respectively

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SPOT Gold Daily Price Chart

 

SPOT Silver Daily Price Chart
Important News and Triggers
  • International News – Bullion has dropped 10% from a March peak as faster cost pressures fueled expectations that the Federal Reserve will aggressively tighten policy. A rally in the dollar to the highest in two years is also weighing on the precious metal.
  • Demand and supply – In the last three weeks the SPDR Gold Trust has seen outflows equivalent to more than 38 tons of bullion, the biggest drop in over a year.
  • Economic Data – United States reported inflation ran at an 8.3% pace in April, lower than March’s 8.6% rate but above expectations for an 8.1% rise.
  • Domestic News Strong demand in India due to marriage season, for Gold as prices have retraced.

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