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 Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
International News –– Bullion price stays on the way to snap two-week uptrend, portrays bullish chart formation. United States data underpin US Dollar recovery but firmer sentiment keeps bullion buyers hopeful. US GDP is expected to confirm initial forecasts for third quarter (Q3), suggesting further upside for Gold
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!