Bullion starts the new year with a bang

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 57000 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 Prices
         SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart

Important News and Triggers

International News ––  Bullion starts the new year with a bang, with prices flirting near seven-month high. Concerns over a potential global economic recession, China’s covid resurgence and higher inflation are weighing on the market sentiment, driving demand for the traditional safe-haven bullion price.

Economic data – Expectations that the US Federal Reserve (Fed) will continue its fight against raging inflation this year, by continuing its tightening cycle, keep investors’ sentiment broadly undermined.

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