Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rebound – – Gold prices have closed a breakout above its downtrend channel after six months. Bull run has started.
Long-term View (3-4months) – Positive – – – – Any dips towards 51000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 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 – – – US Dollar Index slammed and precious metal soared as the cooler-than-expected US October CPI report has the market pricing in a 50bp Fed hike in December, which sees the greenback tanking positively for gold.
- Economic Data – – CPI data came in well-below expectations, with Core CPI coming in at 6.3% against an expectation of 6.5% and headline CPI printing at 7.7% versus an 8.2% expectation.