Gold Price Shine Further Upside | Gold Silver Reports

Gold Price Shine Further Upside: USD is moving into some late stages of a higher degree Elliott Wave structure. We are also in the mid of the week when flows can change especially when you have the FED minutes. 

Keep in mind that there were some bad US data lately which means that again FED may wait with tapering for longer than we think. However, inflation is still a real concern which is visible also through latest move on gold (Yellow Metal) that is again on the rise despite big short orders last week, so looks like speculators are using metal as a hedge against and this moves can extend further to the upside.

The market’s focus now turns to minutes from Federal Reserve’s July meeting due on Wednesday for cues on the central bank’s stimulus tapering. Markets are also keeping a close watch on rising geopolitical implications in Afghanistan.

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Production at U.S. factories surged in July, boosted by an acceleration in motor vehicle output as auto makers either pared or canceled annual retooling shutdowns to work around a global semiconductor shortage.

Manufacturing output jumped 1.4% last month after falling 0.3% in June, the Federal Reserve said. The New York area saw business activity grow at a slower but still significant pace in early August, according to a survey by the New York Federal Reserve.

The survey’s headline business activity index fell to 27.8 in August from 41.7 in July, moving away from record-setting pace of growth seen over the past few months.

MCX Gold Trading Tips & Reports:

  • Gold Price Trading Range for Today 46754—47780.
  • Disappointing U.S. retail sales data and a spike in COVID-19 infections worldwide dented appetite for riskier assets.
  • Gold price retreated from highs as some investors opted for the dollar instead as surging COVID-19 Delta variant cases posed a threat to a global economic recovery.
  • The market’s focus now turns to minutes from Federal Reserve’s July meeting due on Wednesday for cues on the central bank’s stimulus tapering.
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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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