Daily Outlook on Gold by Dr. Renisha Chainani, Head of Research at Augmont
Below the Daily Outlook on Gold by Dr. Renisha Chainani, Head of Research at Augmont
Gold continues winning streak on safe-haven demand
* Gold continued its winning streak due to safe-haven demand sparked by worries about Donald Trump's proposed policies, while the UK faced a budget crisis.
* Although there is speculation that US President-elect Donald Trump may consider a national economic emergency, which would give him a legal basis to impose tariffs on US allies and enemies, the FOMC's December meeting minutes suggested that the central bank is close to a point at which it would be appropriate to slow the pace of easing. FED members hinted that more easing would be appropriate if the data came in as anticipated.
* Now, the market is looking to the upcoming US Nonfarm Payrolls and UoM Consumer Sentiment for additional economic cues.
Technical Triggers
* As suggested earlier, Gold has achieved the target of towards $2680 (~Rs 78000). Hold on with the next target of $2720 (~Rs 79000).
* Silver has formed a base of around $29 (~Rs 87000), and buying could be initiated on every dip for the target of $31(~Rs 92500) and $32 (~Rs 95000).
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