Gold rangebound as FED policy minutes confirm FED tightening path

  1. Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) –ReboundGold is trading in a channel with lower highs and lower lows. Next target level it could touch is 52000. While Silver has retraced almost 23.6% from its lows, next level to watch for is 50% retracement 63700.

    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

    Gold rangebound as FED policy minutes confirm FED tightening path

    • International News –Gold prices trade rangebound as the U.S. Federal Reserve’s aggressive monetary policy tightening plan dimmed the metal’s appeal, with additional pressure from a rebound in equities
    • Demand and Supply – Retail investors reach for gold to counter crypto risk
    • Economic Data– Minutes of the Fed’s May 3-4 policy meeting released on Wednesday highlighted most participants favoring additional 50 basis point rate hikes at the June and July meetings, although it was no surprise to the market.
    • Domestic News–Gold 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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