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Published on 13/08/2022 11:36:29 AM | Source: IIFL Securities Ltd

Weekly outlook on Nifty, Sensex and Rupee By Mr. Anuj Gupta, IIFL Securities

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Below is Weekly outlook on Nifty, Sensex and Rupee by Mr. Anuj Gupta, Vice President, IIFL Securities

Festival demand is supportive for  gold and silver prices in india. Last we have seen that mcx gold increased by 1.37% and closed at 5 week high level at 52585 levels. In international market ot is trading at 1.53% high level at $1801 per ounce levels.

Silver is also trading is at 3.33% abd closed t 59276 levels which is 6 week's high level. In intermational market it is trading at 4.53% high level at $20.76 levels.

The Consumer Price Index showed zero growth in the United States for July after a 1.3% rise in June. Over the year to last month, the so-called CPI also slowed, expanding by 8.5% from a previous 9.1%.

The U.S. Producer Price Index, meanwhile, fell 0.5% in July, reinforcing the theme of inflation in retreat from four-decade highs.

Physical demand of gold is positive for yellow metals.

Still inflation is main concern for the US and tension between china, taiwan and US are the main cause of safe haven demand in gold in silver.

For the next week Gold has strong support at 52200 ($1780) and than 51800($1760)levels. Resistance at 52800($1820) abd than 53300 ($1860) levels.

One can buy gold around 52300 to 52400 levels with the stoploss of 52100 for the target of 52800 to 52900 levels.

Silver strong support at 58000 ($20.20) and tgan 56800($19.40). Resistance at 60500($21.30) and than 62000($22.20) levels. On can buy mcx silver around 58000 to 58500 levels with the stoploss of 56800 levels for the target of 60500 to 61000 levels. 

We are expecting that Gold may test $1850 level and silver may test $22 level very soon.

 

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