Precious Metals jumps to fresh multi-week high amid broad-based USD weakness

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Gold and Silver – Kya Lagta Hai

Short-term View (up to 1 week) – RangeboundGold support is 50800 and resistance at 51500 while silver support is 56000 and resistance is 58000.

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 jumps to fresh multi-week high amid broad-based USD weakness

  • International News – Gold turns positive for the fourth straight day and climbs to a fresh multi-week high. The prevalent USD selling bias continues to benefit the dollar-denominated commodity. Recession fears weigh on investors’ sentiment and also underpin the safe-haven metal
  •  Demand & Supply – Indian Gold demand in the June-ended quarter was up 43 per cent to 171 tonnes against 120 tonnes reported in the same period last year on the back of buying for wedding and festival season.
  •  Economic Data – The July FOMC meeting gave way to a sharp pullback in Treasury yields, with the 2-year yield dropping to its lowest level in nearly a month (2.84%) as comments made by Chair Powell were taken as a signal that peak Fed hawkishness has passed.
  • Domestic News – The India International Bullion Exchange which has enrolled over 60 qualified jewellers to trade on the exchange and set up infrastructure to store physical gold and silver was launched last weekend.
    1. https://insights.augmont.com/disclaimer ko
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