Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Negative– Gold and Silver prices arec ontinuously 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 price retreat as new US employment data sends hawkish signal
- International News – Bullion prices slipped by more than 1%, putting an end to its New Year rally, as the latest release of US labour market data boosted expectations of higher interest rates for longer.
- Economic data – New employment data shows that the number of Americans filing new claims for unemployment benefits dropped to a three-month low last week while layoffs fell 43% in December, pointing to a tight labour market
