Precious Metals oversold, rebound expected

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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

SPOT Prices

                                                                                                                                       SPOT Gold Daily Price Chart  
SPOT Silver Daily Price Chart
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 NewsRetail jewellery demand is very strong ahead of Akshaya Tritya next week as it is most auspicious day to buy gold.

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