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Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Negative– Next target for Gold and Silver
is Rs 60000 and Rs 70000. But prices are over bought, some correction 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 prices extends multi-month high rally
- International News – Bullion price extends the week-start pullback from multi-month high. China reports upbeat GDP, Industrial Production and Retail Sales, but NBS comments challenge optimism
- Growth – Economic data – China’s Gross Domestic Product (GDP) for the fourth quarter (Q4) printed 0.0% QoQ figure versus -0.8% expected and 3.9% prior. Further details suggest that the Industrial Production for December grew 1.3% YoY versus 0.5% market forecasts and 2.2% prior readings. Additionally, Retail Sales improved to – 1.8% YoY for December compared to -7.8% consensus and -5.9% prior.
