Precious Metals steady as focus shifts to Jackson hole

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  • gold and silver – kya lagta hai

    short-term view (up to 1 week) – WeaknessGold has taken support at down trend 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 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 steady as focus shifts to Jackson hole

    • international news –  Precious Metals continues to hold as data showed sales of new U.S. single-family homes plunged to a 6-1/2-year low in July, while a survey from S&P Global showed its measure of private sector business activity fell to a 27-month low, suggesting Fed efforts to tame inflation were working.
    • Demand and Supply – Precious Metals continues to hold as data showed sales of new U.S. single-family homes plunged to a 6-1/2-year low in July, while a survey from S&P Global showed its measure of private sector business activity fell to a 27-month low, suggesting Fed efforts to tame inflation were working.
    •  economic data – – Focus turns to Powell’s speech at the annual global central banking conference in Jackson Hole, Wyoming on Friday for more clarity on future interest rate hikes.
    • domestic news – Indian silver demand is soaring as silver imports into India surged to 5100 tonnes in the first seven months of this year, according to data from India’s Ministry of Commerce and Industry. The country’s silver imports for the whole of last year stood at 2,773 tonnes, at 2,218 tonnes in 2020, and 5,969 tonnes in 2019.
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