Precious Metals choppy as market awaits key U.S. inflation data
Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rebound – ––Market is now focused on key inflation data tomorrow, as well as the Fed minutes, 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 Prices
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
International News – – Precious Metals wobbled near a one-week low on Tuesday, with price moves restrained as investors sat tight before a key U.S. inflation report that is expected to reinforce the Federal Reserve’s bullish stance.
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.
