Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Negative– Gold and Silver prices are continuously getting support on uptrend line. As prices have runup too fast, some profit-booking is 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 Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Bullion hits eight-month high on weaker dollar and upbeat FED prospects
- International News – Bullion prices advanced to an eight-month high yesterday, as a weaker dollar made greenback-priced bullion cheaper for overseas buyers while hopes of less-aggressive US rate hikes also lifted sentiment.
- Economic data – Softer US data on Friday boosted gold’s appeal. Data suggests that the Fed’s cumulative tightening in 2022 is starting to have its effects felt on the economy and that the Fed can afford to slow its pace of tightening.