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Precious Metals enter into bullish trend as weaker data puts FED plans in doubt
Commodity Online | July 17 2017
UPDATED 20:32:35 IST

Precious Metals trend higher despite weaker claims; uptrend intact

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Precious Metals have most likely entered into a bullish mode after weaker data from the US put FED plans to hike rates at stake.

The FED has been largely positive about the pace of recovery in the US over the past few weeks but recent data point to weakness in the inflation and employment which puts into doubt the central bank’s resolve to hike rates again this year.

The market will be closely following data releases from the US and any weakness in the data points should push precious metals significantly higher. The focus this week will be on the US housing sector, unemployment claims and manufacturing activity across the US.

Gold is trading at $1233.06/oz, up by almost half a percent while domestic prices are at Rs.28,096/ten grams, up 100 points.

The short term trend in Gold is bullish. The previous day’s close above $1230.0/oz indicates a breakout from the down trending price channel which has been in place since early June. We expect prices to move higher to $1245-$1260/oz in the short term whereas, on the downside, a break below support at $1215/oz should negative the current trend and see the bears come back in control once again. Momentum indicators have also been pointing towards the upside after testing lows in the past week.

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