Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rangebound– Gold is able to sustain above downtrend channel after 4 months while silver is on the verge of crossing the downtrend line
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.
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
Precious Metals subdued on FED comments after U.S. inflation data
- International News – Precious metals prices edged lower from one-month peak, weighed down by hawkish policy remarks by U.S. Federal Reserve officials even as data pointed to signs of inflation peaking.
- Economic Data – Combined with last week’s NFP report, the FED is expected to hike interest rates by another 75 basis points at the next Fed meeting in September
- Domestic News – Weighing on investors’ minds is the notion that maybe we have seen peak inflation following the softer-than-expected CPI, coupled with hawkish remarks by two FOMC members, with gold slipping back to technical support on the char