Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rangebound– Gold and Silver, both have broken the symmetrical triangle, next support for gold is 50000 and for Silver, it is 56000.
Long-term View (3-4months) – Positive – Any dips towards 50000 and 56000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively by year end.
SPOT PRICES
SPOT Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Dollar rally saps precious metal appeal as more Fed hikes loom
- International News – Precious metals extended its selloff to an over nine-month low on Wednesday hurt by a stronger dollar, while the Federal Reserve’s June meeting minutes established a more “restrictive” monetary policy.
- Demand and Supply – G7 countries, UK, Australia have signaled the ban of Russian gold, which produces around 300 tonnes
- Economic Data– The Fed minutes saw participants justifying the 0.75-percentage-point increase and a likely increase of 50 or 75 basis points at its meeting later this month.
- Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected.
