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 PRICES
SPOT Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Bullion on bull track
- International News – Bullion bull is back on track, with the yellow metal scaling near seven-month highs again Friday, as moderating U.S. jobs growth signaled more slowing of rate hikes by the Federal Reserve
- Economic data – U.S. nonfarm payrolls grew by 223,000 last month, some 40,000 below November’s level and by the smallest number since the 199,000 positions added in December 2021. But market punters still bet on the central bank doing a rate hike as small as 25 basis points at its next policy decision in February, after
a 50-basis point hike in December and four back-to-back hikes of 75 basis points between June and November.
