US GDP rises, bullion in a range

Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rebound –Gold needs to sustain above $1700, to see a rebound and start trending higher. Long-term View (3-4months) – Positive – – – Any dips towards 50000 and 55000 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 Metal price is keeping its range play intact between the $1,650 and $1,680 price zone heading into the weekly close, as investors continue assessing the recent series of downbeat US economic releases even though the advance Q3 GDP print bettered estimates.
  • Economic Data – – US Gross domestic product increased at a 2.6% annualized rate last quarter. ending two straight quarterly decreases in output, which had raised concerns that the economy was in recession
  • Currency — Sterling rallied to a six-week high on improved risk sentiment as Rishi Sunak became Britain’s prime minister, while the dollar fell to a three-week low as weakening U.S. economic data cooled expectations on the pace of future U.S. rate hikes.
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