Bullion getting support from weaker Dollar Index

Gold and Silver – Kya Lagta Hai

Short-term View (up to 1 week) – Positive – – – A small healthy correction in Gold can drive prices lower up to 53700 and 53500

 Long-term View (3-4months) – Positive – – – Any dips towards 51000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively in long-term.

SPOT Prices

SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers

International News – Bullion is getting a lift from a lower U.S. dollar index and higher crude oil prices. There is FED minutes to be released today and several FED officials have signaled they may consider a 50 basis-point increase at their next meeting in mid-December, with the final decision depending on what happens with the economy.

COVID – China’s daily Covid cases jump to seven-month high, chatters over Beijing’s gold buying also underpin recovery. China imposed strict new COVID-19 measures in Beijing after the country reported its first death in almost six months.

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