Bullion supported on risk-off sentiment

Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Positive – – – Gold and Silver prices are continuously getting support on uptrend line. Next resistance for gold is 55000 and for Silver 70000
Long-term View (3-4months) Positive – Gold has made Inverse Head and Shoulder pattern on daily charts. Neckline resistance is $1820. If prices sustain above it, target would be $2020.       
SPOT Prices

SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart

Important News and Triggers

International News ––  Gold price is facing barricades while attempting to surpass the immediate resistance of $1810. It seems that fresh stipulations of arrivals from China from various nations, citing rising Covid-19 infections responsible for safety measures have improved the safe-haven’s appeal.

Interest rates – The onset of a recession next year may progressively lessen the negative impact of high US interest rates, suggesting that gold may suffer less than it did during the selloff in 2022.

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