Precious Metals dips as dollar firms, FED rate-hike fears linger

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  • Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) – RangeboundGold is able to sustain above downtrend channel after 4 months while silver is on the verge of crossing the downtrend line

    Long-term View (3-4months) – Positive –  Any dips towards 50000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively by year end.

     

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    Important News and Triggers

    Precious Metals dips as dollar firms, FED rate-hike fears linger

    • International News –  Precious metals slipped, weighed down by a rebound in the U.S. dollar and expectations of further interest rate hikes from the Federal Reserve to tame high inflation.
    •  Economic Data – Investors will be watching out for minutes from the Fed’s last monetary policy meeting due on Wednesday for more clues on future rate hikes.
    • Demand and Supply – Traders were pricing in around a 44.5% chance of a 75-basis-point rate hike by the Fed in September and a 57.5% chance of 50 bps.
    • Domestic Demands – The Reserve Bank of India (RBI) added 13.4t of gold in July, increasing its total gold reserves to 783.1t. Official imports declined to 42.5t in July, 41% lower y-o-y due to weak retail demand.
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