Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Positive – – Gold and Silver prices are seeing rebound and cleared their recent highs. Next resistance for gold is $1815 and for Silver $23
Long-term View (3-4months) – Positive – –– Any dips towards 51000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively in long-term.
SPOT Prices
SPOT Gold 4 Daily Price Chart
SPOT Silver 4 Daily Price Chart
Important News and Triggers
International News ––– Stronger-than-expected US services data from November boosted chances that the FED will keep interest rates higher for longer, which hurts bullion since it pays no interest. Treasury yields and the dollar extended gains after the Institute for Supply Management data was released Monday, sending bullion down as much as 1.6%. But rupee depreciation is keeping prices supported from the retreat.
Domestic News – India’s trade ministry is discussing a reduction in import duties to about 10% from 12.5% on gold to rein in illegal shipments. The matter presents a dilemma for Finance Minister Nirmala Sitharaman, who needs to keep imports low to contain a widening trade deficit, but smuggling robs the government of much-needed revenue.
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