Precious Metals pressured on upbeat sentiment

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  • Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) – RangeboundOn an hourly scale, the gold and silver prices are auctioning in a Symmetrical Triangle that signals a volatility contraction followed by a breakout in the same.

    Long-term View (3-4months) – Positive – Any dips towards 50000 and 60000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively

    SPOT PRICES
    SPOT Gold Daily Price Chart
    SPOT Silver Daily Price Chart
    Important News and Triggers
    • International News –Precious metal prices had been consolidating, drifting down as it balances an environment of higher interest rates with safe-haven demand.
    • Demand and Supply – New York Fed President John Williams and San Francisco’s Mary Daly both acknowledged on Tuesday they had to cool the hottest inflation in 40 years, but insisted that a soft landing was still possible. The Fed raised its benchmark rate this month by 75 basis points.
    • Economic Data–Fed Chair Jerome Powell will speak in evening today on a panel during the European Central Bank’s annual policy forum in Sintra, Portugal
    • Domestic News–Gold ETFs in India have seen small positive inflows so far in June, likely driven by continued market volatility and a depreciating rupee. The RBI added 3.7t to its gold reserves in May, the highest monthly addition since December 2021 (also 3.7t). This took total gold reserves to 765.1t (7.5% of total reserves).

     

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