Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rebound – – Gold Bull run has started. At above the 50-week EMA of $1771, the next leg higher for gold sits at $1796- $1805
Long-term View (3-4months) – Positive – – – – Any dips towards 51000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 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 has rocketed since Thursday as U.S. inflation registered its slowest annual reading in nine months, heightening speculation that the Federal Reserve will back off from the aggressive rate hikes it has executed since March, sending the dollar crashing.
- Economic Data – – CPI data came in well-below expectations, with Core CPI coming in at 6.3% against an expectation of 6.5% and headline CPI printing at 7.7% versus an 8.2% expectation. Gold bulls have been waiting for this week for a long time: a week (or so) in which the Fed signaled a potential slowing of rate hikes and the CPI data displayed a significant and broad-based decline.
Disclaimer