Gold eyes $2000 again

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Gold and Silver – Kya Lagta Hai

Short-term View (up to 1 week) – Positive – Gold is continuing its bullish runwith next resistance 53000while silverprices have also given an upside breakout from its descending triangle, next resistance at 68500.

Long-term View (3-4months) – Positive – Any dips towards 50000 and 65000 should be used as buying opportunity for target of 55000 and 75000 for Gold and Silver respectively.

SPOT Prices
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
  • International News –  After breaking ascending triangle,Gold could now accelerate the momentum and aim back to reclaim the key $2000 psychological mark in shortterm and $2500 by the end of 2022.
  • Demand & Supply–The Reserve Bank of India added 2.4t to their gold reserves in March, taking total gold reserves to 760.4t. Year-to-date, Indian official gold reserves have risen by over 6t.
  • Economic Data –USCPI accelerated to 8.5% during the reported month as against expectations for a rise to 8.4% from 7.9% in February. This, in turn, was seen as a key factor that boosted the precious metal’s appeal as a hedge against inflation.
  • Domestic NewsIndia’s gold imports, which have a bearing on the country’s current account deficit (CAD), rose by 33.34 per cent to₹14 billion during the 2021-22 fiscal on account of higher demand, according to official data. Gold imports were worth ₹34.62 billion in 2020-21.

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