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Bullion World | Volume 2 | Issue 11 | November 2022
David Malpass, the president of we believe the ongoing technical STRATEGY: BUY MCX GOLD AT
the World Bank, and Kristalina strength will remain intact as 50000-49500 SL 48600 target
Georgieva, the managing director prices are comfortably trading 52600/53500
of the International Monetary Fund, above the 100-week EMA,
warned of an increasing risk of a which has been acting as crucial SILVER
global recession and noted that support since August 2018. Last The Bank of Japan's decision
inflation was still an ongoing issue month prices witnessed a sharp to maintain its ultra-low interest
in the wake of Russia's invasion of rebound from the vicinity of the rates and dovish approach, silver
Ukraine. same MA line. On a broader prices declined as the currency
time frame, we can also witness strengthened. Spot silver prices
US economy rebounded strongly in a bullish triangle pattern that’s declined to below $19.3 an ounce
the third quarter amid a shrinking lower range value aligns around in the second week of October,
trade deficit, but the data overstated 48600. retreating significantly from the
the nation's economic health as • Initial sentiments are bullish but three-month high of $21.1 reached
domestic demand was the weakest we are expecting a correctional on October 4th and tracking the
in two years. decline from the present decline in US Treasury notes as
juncture and that should be expectations of an increasingly
The Fed is expected to announce containing around 50000-49500 hawkish Federal Reserve continue
another 75 basis-point rate increase where a fresh round of buying to dampen demand for non-interest-
at its meeting next week, although will take place with an expected bearing bullion investments. .
the central bank is seen slowing its upsurge towards 52600 and
aggressive pace in December. then 53500. Conversely, on the After the stronger-than-expected
underside of price action – a September jobs data and comments
Technical outlook – Samvat decisive push below 48600 (on from Fed policymakers emphasising
2079-Samvat 2080 a weekly closing basis) indicates the need to lower inflation, hopes
• Shiny metal has posted around a failure from bulls and this re- that the US central bank could slow
a 5% return so far this year on opens the door for bearish trend the pace of upcoming rate hikes
mounting technical tailwinds and strategies, with next supports at were dashed. Members of the ECB
the 47400-47200 zone.
GOLD PRICE CHART
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