Precious Metals slip as the dollar stands tall

Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rebound – – If bullion doesn’t hold support at $1,690, it could retest $1,660 level. Market will be now be focused on key inflation data next week, as well as the Fed minutes. Long-term View (3-4months) – Positive – Any dips towards 49000 and 52000 should be used as buying opportunities for the target of 52000 and 60000 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 – – Precious metals prices dipped, weighed down by a stronger dollar after healthy U.S. jobs data cemented bets that the Federal Reserve would stick to its aggressive rate hike path.
  • Economic Data – Data showed U.S. employers hired more workers than expected in September, while the unemployment rate dropped to 3.5%. The market is looking at the stronger-than-expected payrolls report as further impetus for the Fed to raise yet another 75 bps at the early November meeting.
  • Interest Rate – – Fed fund futures are now pricing in a 92% chance of a 75-basis-point (bps) rate hike by the U.S. central bank at its policy meeting next month after a strong labour market report.
Share on

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.