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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
All eyes on Indian Union Budget and FED meeting
- International News: Bullion prices bounced sharply higher after falling following the release of US labor costs data for the fourth quarter. Today’s the Fed is widely expected to raise interest rates by a relatively modest 25 basis points. However, given that recent data has painted a somewhat mixed picture of the US economy, the central bank’s stance on future rate hikes will be closely watched
- Indian News– – Gold has made Inverse Head and Shoulder pattern on daily charts. Neckline resistance is $1820. If prices sustain above it, target would be $2020.
