Gold hits one-month high, following a rise in US Inflation

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  1. Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) -Rebound–– Gold has finally broken its range after one-month, next target 52200, while Silver next resistance is 62500

    Long-term View (3-4months) -Positive – Any dips towards 50000 and 60000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively

    SPOT PRICES
    SPOT Gold Daily Price Chart
    SPOT Silver Daily Price Chart
    Important News and Triggers

    Gold hits one-month high following a rise in US Inflation

    • International News – Gold rose to a one month low on Friday, as U.S. inflation continued to increase to record levels. Data on Friday showed that inflation in the
      United States rose to 8.6% in May, its highest level in over forty years
    • Demand and Supply – – US mint sold 147,000 ounces of American Gold Eagles in varying denominations totaling 200,500 coins in May, a 67% increase from March
    • Economic Data –  – Focus is on this week FED meeting where expectation is for 50 bps rate hike.
    • Domestic News– India imported 101 tonnes of gold in May, compared to 13 tonnes a year earlier due to Akshaya Tritiya and Wedding Season

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