Short-term View (up to 1 week) – Positive – – Gold and Silver prices are seeing rebound as MACD Indicator has reversed in 4-Hourly chart and giving buy signal.
Long-term View (3-4months) – Positive – –Any dips towards 51000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively in long-term.
SPOT Prices
SPOT Gold 4 Daily Price Chart
SPOT Silver 4 Daily Price Chart
Important News and Triggers
FED minutes – Gold prices retreated as the US dollar regained some ground, but expectations of less aggressive interest rate hikes from the Federal Reserve set bullion up for a small weekly gain. Minutes from the Fed’s November meeting have potentially given gold an extra kick higher, enabling it to really push on from here if the data does allow for it
Currency and Bond market – Since the November 3 low at $1615, gold has bounced by around 7% while the broad Dollar index trades down by close to 5%. In addition, the recovery in gold has been supported by a 30 bps drop in US ten-year real yields and a key part of the US yield curve inverting the most since the early 1980’s, thereby signaling an increased risk of a recession hitting the US economy next year.
