Short-term View (up to 1 week) – Positive – – – Gold and Silver prices are
continuously getting support on uptrend line. Next resistance for gold is 57000
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 TriggersInternational News –– As a hedge against uncertainty, bullion is expected to have quite an active year in 2023. For the moment, bullion is getting support from two
main sources: The weaker dollar as the Fed slows down the pace of its interest rate hikes. And central banks around the world are piling up gold in its reserves.Economic data – The US Dollar faced immense heat after an acceleration in the number of weekly jobless claims. Individuals who claimed for the first time for the
week ending December 23 rose to 225K. This highlighted a slowdown in the employment process by firms led by higher interest rates
