Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – 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 63000-64000 should be used as buying opportunity for target of 55000 and 75000 for Gold and Silver respectively
Important News and Triggers
- International News – – Precious Metals slipped to a more than two-month through on Wednesday as the dollar rallied on expectations of aggressive monetary policy tightening by the U.S. Federal Reserve.
- Demand & Supply – Global Gold ETF demand is very strong adding 12 tonnes last week with current holdings of 3329 tonnes now.
- Economic Data – There’s a flight to safety right now out of other currencies into U.S. dollar… Gold is going to struggle to rally between now and the Fed meeting
- Domestic News– Retail jewellery demand is very strong ahead of Akshaya Tritya next week as it is most auspicious day to buy gold.