Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Oversold – Gold and Silver prices rebound from psychological support, as it was oversold and investors rush for bottom fishing. Long-term View (3-4months) –Positive – Any dips towards 50000 and 60000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
- International News – Bullion rose slightly as a retreat in U.S. Treasury yields offset headwinds from a relatively firm dollar, which, along with looming interest rate hikes, earlier pushed bullion to a more than three-and-a-half-month low.
- 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– Gold imports rose 33.3% in FY22 to 837 tonnes, or 12% more than the pre-pandemic annual average of FY16-20.
Gold takes support at a psychological level of Rs 50000
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