Precious Metals edges down as dollar holds ground

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  • Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) – RangeboundGold is consolidating in range of 50000 and 51000, while Silver is in range of 53500 and 56500

    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 edges down as dollar holds ground

    • International News – Precious metals slipped into a tight range as a steady dollar countered limited support for bullion from expectations that the U.S. Federal Reserve may not resort to a 100-basis-point interest rate hike next week.
    • Demand and Supply – The conflict in Ukraine catalyzed a massive amount of inflows into gold ETFs earlier in the year, but the relevance of that has faded. The hawkish central bank regime is reducing appetite for gold purchases.
    • Economic Data– The key events coming up are the ECB, US PMIs before the Fed next week.
    • Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected.
    1. https://insights.augmont.com/disclaimer ko
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