Gold price remains sidelined after reversing from 200-DMA

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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 –  Recession fears weighed on investors’ sentiment and could lend support to the safe-haven metal.
  • Demand and supply –   In the last three weeks. Gold ETFs have seen outflows of almost 70 tonnes, which is hammering the prices
  • Economic Data – Second-tier economic details, headlines concerning Russia, coronavirus will be important for fresh directions.
  • Domestic NewsGold imports rose 33.3% in FY22 to 837 tonnes, or 12% more than the pre-pandemic annual average of FY16-20.

 

 

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