Precious Metals slips on aggressive rate hike bets

  • gold and silver – kya lagta hai

    short-term view (up to 1 week) – WeaknessGold has broken support at downtrend channel again, while Silver is continuously trading below its downtrend line from last 5 months

    long-term view (3-4months) – positive –  – Any dips towards 50000 and 52000 should be used as buying opportunities for the target of 55000 and 60000 for Gold and Silver respectively by year end.


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    Important news and triggers

    Rate hike rush pulls down precious metals 

    • International news –  Gold prices slid below the key $1700 psychological level for the first time in six weeks, as major central banks stuck to an aggressive stance to combat inflation, dulling demand for non-yielding bullion.
    • Demand and Supply – – As long as gold is priced in the U.S. dollar, it’s critical to keep the latter in mind. And last week, something epic happened in the forex market. Namely, the EUR/USD closed the week below the all-important 1 level. For the first time in almost two decades!
    •  Economic data – – It’s getting much clearer that central banks are going to be aggressive with tightening due to unprecedented inflationary pressure, which is not good for gold.
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