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 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.