Precious Metals rebound after robust US payroll data
Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rebound – Silver prices have given a breakout above its downtrend channel after sixmonths
Long-term View (3-4months) – Positive – – – Any dips towards 51000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively in long-term.
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
International News – – Precious Metals traded higher on the week after managing to recover from the stronger dollar and rising yields driven sell-off that followed Fed Chair Powell’s press conference.
Demand – – The World Gold Council reported that central banks purchased 400 tons of bullion in Q3, which was nearly double the previous record for Q3. It’s not certain which central banks were buying but eyes are on Russia and China due to the US’s weaponization of the US dollar.
Economic data – After the robust payroll data by the US agency, investors are awaiting the release of the Consumer Price Index (CPI) data. As per the preliminary estimates, the headline CPI is seen lower at 8.0% vs. the prior release of 8.2%