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 – Gold price remains sidelined after reversing from 200-DMA. Risk-on mood fades amid a lackluster session as Fed speak joins with not-so-impressive data.
- Demand and supply – In the last three weeks. Gold ETFs have seen outflows of almost 58 tonnes, which is hammering the prices
- Economic Data – Second-tier economic details, headlines concerning Russia, coronavirus will be important for fresh directions.
- 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 stays defensive above $1800 due to sluggish Dollar Index
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