Precious Metals rebounds from near 11-month low as U.S. dollar retreats

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  • Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) – NegativeGold is consolidating in range of 50000 and 51000, while Silver is in downtrend trading below 54000

    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 rebounds from near 11-month low as U.S. dollar retreats

    • International News – Precious Metal rebounded from last week’s 11-month low, supported by a weakening dollar as traders pare back expectations of aggressive Federal Reserve interest-rate hikes.
    • Demand and Supply – Federal Reserve officials are on track to raise rates by 75 basis points for the second consecutive month when they meet later in July, after policy makers pushed back against a bigger hike.
    • Economic Data– US retail sales were stronger than expected in June — underscoring a resilient economy despite tightening monetary policy
    • Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected
    1. https://insights.augmont.com/disclaimer ko
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