Bullion consolidates amid Santa rally

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 resumes its uptrend as the US Dollar comes under fresh selling pressure. US Treasury bond yields extend retreat ahead of a fresh batch of United States data. Looking ahead to 2023, inflation risk, recession risk, and interest rate risk could continue to weigh on financial assets. In that environment, precious metals have the potential to emerge as appealing safe-haven assets

Silver– The supply of silver has been shrinking even more rapidly than gold on COMEX Warehouses. The drainage since the start of the year has been nothing short of spectacular. 48.5M ounces have left Registered since Jan 1. That represents more than 50% of the balance of 82M ounces last Dec 31. The silver Registered Ratio reached as low as 11.1% of total inventory on December 7th. This is the lowest the ratio has been since at least January 2000.

Share on

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.