Short-term View (up to 1 week) – Rebound – –– –Market is now focused on key inflation data today, before creating any long positions.
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 Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
International News – – Precious Metals prices have paused and trade in a narrow range as investors look for more clues on the pace of US monetary tightening from Federal Reserve minutes and inflation data due today for further price action.
Economic Data – Thursday’s U.S. inflation reading is expected to remain stubbornly high and cement the Fed’s hawkish rhetoric on monetary policy.
Interest Rate – – Fed fund futures are now pricing in a 92% chance of a 75-basis-point (bps) rate hike by the U.S. central bank at its policy meeting next month after a strong labour market report.