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Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Profit-booking– Next target for Gold and Silver is Rs 60000 and Rs 70000. But prices are over bought, some correction expected.
Long-term View (3-4months) – Positive – –Gold has made Inverse Head and Shoulder pattern on daily charts. Neckline resistance is $1820. If prices sustain above it, target would be $2020.
SPOT PRICES
SPOT Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Important week for Bullion Market amid FED decision and Indian Budget
- International News: The FED is widely expected to raise its policy rate by 25 basis points (bps) to the range of 4.5-4.75% in its meeting on 1st Feb. According to the
CME Group FedWatch Tool, there is little to no chance of the Fed opting for a bigger hike than 25 in March. - Indian News– Physical demand has been week in Indian markets as prices are at record high. Traders are being on sidelines as they are expecting Import duty cut
in Gold in Indian Union Budget, that will be presented on 1st Feb.
- International News: The FED is widely expected to raise its policy rate by 25 basis points (bps) to the range of 4.5-4.75% in its meeting on 1st Feb. According to the
Category: Daily Report
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