Precious Metals rallies to the multi-month top on softer CPI report

Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Positive – – – Gold and Silver has cleared major resistance levels, sharp run rally expected.
Long-term View (3-4months) Positive – Any dips towards 51000 and 55000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively in long-term. 
SPOT Prices

SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart

Important News and Triggers

International News ––  Bullion price regains strong positive traction and spiked to a fresh multi-month high. The risk-on impulse could cap gains for the safe-haven gold price ahead of the FOMC meeting

Economic Data – –CPI data came in at 7.1% and the data reaffirms expectations that the Federal Reserve will slow the pace of its policy tightening and is evident from a fresh leg down in the US Treasury bond yields.


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