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 –– Bullion prices dropped after U.S. economic data showed the country’s economy rebounded faster than previously estimated, boosting the dollar and potentially setting the Federal Reserve on a keener path to fight inflation
Demand– The issue of book-squaring ahead of the year-end or early new positions being put in ahead of the new year rush, as thin markets are often prone to exaggerated moves on small volumes.