Silver price slips below $24 amid broad commodity selloff

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Gold and Silver – Kya Lagta Hai

Short-term View (up to 1 week) –  Oversold – As Gold and Silver have retraced, prices are oversold, we could see bottom fishing supporting prices ahead this week.  Long-term View (3-4months) – Positive – Any dips towards 50000-51000 and 64000-65000 should be used as buying opportunity for target of 55000 and 75000 for Gold and Silver respectively respectively

SPOT Prices
SPOT Gold Daily Price Chart

SPOT Silver Daily Price Chart

Important News and Triggers
  • International News – – Silver has slumped towards $23.50 this Monday amid a broader sell-off in risk assets and commodities and as USD strengthens.
  • Demand & Supply – Global Gold ETF demand is very strong adding 12 tonnes last week with current holdings of 3329 tonnes now.
  • Economic Data –  Traders cited risk aversion relating to the increased risk of lockdowns in China with a Covid-19 outbreak now reported in Beijing, continued pessimism about the prospects for a peace deal in the Russo-Ukraine war and, perhaps most importantly, recent hawkish chatter from central bank policymakers.
  • Domestic News

    Retail demand remained sluggish during March as buyers postponed purchases in anticipation of a correction in the gold price.

     

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