Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Oversold – Gold and Silver prices have been continuously falling from past few days but market is oversold zone now Long-term View (3-4months) –Positive – Any dips towards 50000-51000 and 62000-63000 should be used as buying opportunities for the target of 55000 and 75000 for Gold and Silver respectively
SPOT Prices
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
- International News – The precious metal has been through a period of high tides backed by the announcements of higher inflationary pressures last week and rising job additions in the labor force in the first week of May. This has bolstered the chances of a 50-basis point (bps) interest rate hike by the Federal Reserve (Fed) in June.
- Demand and supply – In the last three weeks. Gold ETFs have seen outflows of almost 58 tonnes, which is hammering the prices
- Economic Data – Now, investors are shifting their focus to the US Retail Sales, which are due on Tuesday.
- Domestic News– Strong demand in India due to marriage season, for Gold as prices have retraced.
Disclaimer
