Precious metals plummet as U.S. CPI surprises to the upside

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    • gold and silver – kya lagta hai

      short-term view (up to 1 week) – WeaknessGold has broken support at downtrend channel again, while Silver is continuously trading below its downtrend line from last 5 months

      Long-term view (3-4months) – positive –  – – Any dips towards 50000 and 52000 should be used as buying opportunities for the target of 55000 and 60000 for Gold and Silver respectively by year end.

       

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      Important news and triggers

      Precious metals plummet as U.S. CPI surprises to the upside

      • International news –  U.S. inflation turned out stronger than expected yet again in August, paving the way for another big hike in interest rates from the Federal Reserve when its policy-makers meet next week.
      • Demand and Supply – – Probability of 100 bps rate hike by FED has increased from 0% to 35% after CPI data release.
      •  Economic data – – – The consumer price index was up 8.3% from a year earlier, driving the annual core inflation rate up to 6.3% from 5.9% in July. That’s the highest it’s been since the 40-year high that it hit in March.
      • Indian Demand – India’s gold imports in August halved from a year earlier to 61 tonnes as volatile local prices and a weak rupee prompted consumers to postpone purchases.
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