Probability of 100 bps interest rate rises to 82% after CPI data

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  • Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) – RangeboundGold is consolidating in range of 50000 and 51000, while Silver is consolidating in range of 55000 and 58000

    Long-term View (3-4months) – Positive – Any dips towards 50000 and 56000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively by year end.

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    Important News and Triggers 

    Probability of 100 bps interest rate rises to 82% after CPI data

    • International News – After June’s super-hot consumer price index, market expectations began to climb and they went even higher after the Bank of Canada raised its rate by 1%. Traders are betting the Federal Reserve could raise its target fed funds rate by 1 percentage point at its July 26-27 meeting.
    • Demand and Supply – After June’s super-hot consumer price index, market expectations began to climb and they went even higher after the Bank of Canada raised its rate by 1%. Traders are betting the Federal Reserve could raise its target fed funds rate by 1 percentage point at its July 26-27 meeting.
    • Economic Data– The dollar retreated from two-decade highs after the Consumer Price Index surged 9.1% during the year to June.
    • Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected.
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