Gold needs to hold $1877 to maintain an pward bias

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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 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 – – The $1877 level needs to hold to avoid an in-range top and to maintain an upward bias in the broader sideways range, with first key resistance at the recent $2000 high.
  • Demand & Supply – Global central bank gold reserves fell by 4t in March, flipping back to net sales following healthy net purchases of 32.3t in February.
  • 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 NewsIndia’s gold demand declined 18% to 135.5 tonnes in the first three months of this year, mainly due to a sharp rise in prices, according to the World Gold Council Gold Demand Trends Q1 2022.

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