Precious metals consolidate at multi-month lows

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  • Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) – RangeboundGold and Silver, both have broken the symmetrical triangle, next support for gold is 50000 and for Silver, it is 56000.

    Long-term View (3-4months) – Positive – Any dips towards 50000 and 56000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively by year end.

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

    Precious metals consolidate at multi-month lows

    • International News – Gold price has displayed wild moves after surrendering the critical support of $1732. The DXY has not displayed reversal signs and aims higher ahead of US Inflation
    • Demand and Supply – G7 countries, UK, Australia have signaled the ban of Russian gold, which produces around 300 tonnes
    • Economic Data– The US Retail Sales are seen meaningfully higher at 0.8% than the prior print of -0.3%. A preliminary estimate for the US Consumer Price Index (CPI) is 8.8%, higher than the prior release of 8.6%. A higher than or within expectation release of the inflation rate will compel the Federal Reserve (Fed) to tighten its policy further and raise interest rates to 2.25-2.50%
    • Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected.

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