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
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 News–India’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.