Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Oversold – As Gold and Silver have
retraced, prices are oversold, and we could see bottom fishing
supporting prices this week. Long-term View (3-4months) -Positive – Any dips towards 50000-51000 and 62000-63000 should be used as buying opportunities for the 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 – Gold and Silver prices have slumped from last 10 days on anticipation of FED rate hike and this negative news is already discounted in the
prices now. Tonight, when FED will actually announce rate hike, prices are expected to rebound as per saying “Sell on Rumors and Buy on News” - Demand & Supply – – Global Gold ETF has seen some outflows from last one week. Holdings have reduced from 3329 tonnes to 3317 tonnes in last 7-8 days
- Economic Data – As per the CME’s Fed Watch tool, traders are overwhelmingly (99%+) pricing in a 50bps interest rate hike to the 0.75-1.00% range, which would
mark the first 0.50% increase to rates since 2000. - Domestic News– Akshaya Tritiya gold sales is estimated to be 30-40% higher than the last year in India
Disclaimer