Bullion consolidates amid holiday-thinned volumes

Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Positive – – – Gold and Silver prices are continuously getting support on uptrend line. Next resistance for gold is 55000 and for Silver 70000
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 Daily Price Chart
SPOT Silver Daily Price Chart

Important News and Triggers

International News ––  Bullion price is extending the previous week’s uptrend, as a holiday-thinned light trading offers buyers conducive conditions. The main catalyst, however, behind the gold price advance is China’s further Covid reopening-led risk-on sentiment. The market optimism is weighing negatively on the safe-haven US Dollar, which makes the USD-priced bullion more expense for foreign buyers

Interest rates – The onset of a recession next year may progressively lessen the negative impact of high US interest rates, suggesting that gold may suffer less than it did during the selloff in 2022.

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