gold and silver – kya lagta hai
short-term view (up to 1 week) – Weakness– Gold has broken support at downtrend channel again, while Silver is continuously trading below its downtrend line from last 5 months
long-term view (3-4months) – positive – – – Any dips towards 50000 and 52000 should be used as buying opportunities for the target of 55000 and 60000 for Gold and Silver respectively by year end.
spot gold daily price chart
spot silver daily price chart
Important news and triggers
Precious Metals consolidates at lows
- International news – Precious Metal prices are consolidating at lows as strength in the dollar and growing uncertainty over hawkish U.S. monetary policy has weighed on appetite for the yellow metal.
- Demand and Supply – – As long as gold is priced in the U.S. dollar, it’s critical to keep the latter in mind. And last week, something epic happened in the forex market. Namely, the EUR/USD closed the week below the all-important 1 level. For the first time in almost two decades!
- Economic data – – – The Fed is looking to combat inflation reaching 40-year highs on rising food and fuel prices. Several members of the central bank recently indicated that interest rates are likely to keep increasing until inflation is substantially closer to the bank’s 2% target