Gold takes support at a psychological level of Rs 50000

Reading Time: 2 minutes
  1. 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 Prices
    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 NewsGold imports rose 33.3% in FY22 to 837 tonnes, or 12% more than the pre-pandemic annual average of FY16-20.

       

    Disclaimer

Share on

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

Menu