gold and silver – kya lagta hai
short-term view (up to 1 week) – Weakness– Gold looks to touch its down trend channel again, as prices see profit-booking while Silver is continuously trading below its downtrend line from last 5 months
long-term view (3-4months) – positive – Any dips towards 50000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively by year end.
spot gold daily price chart
spot silver daily price chart
important news and triggers
Bullion safe-heaven appeal wanes in short-term
- international news – Precious metals safe heaven appeal waned with a stronger dollar and more US interest rate hikes on the horizon. Fundamentally, all eyes will be on the Jackson Hole symposium where Chair Jerome Powell’s remarks could be a key avenue for the Fed to push back against the notable easing in financial conditions sparked by his prior statements that led to the market pricing in the prospects of rate cuts immediately following the rate hiking cycle.
- economic data – The Fed needs to keep raising rates to bring high inflation under control, a string of US central bank officials said on Thursday, even as they debated how fast and how high to lift them.
- domestic news – The Reserve Bank of India (RBI) added 13.4t of gold in July, increasing its total gold reserves to 783.1t. Official imports declined to 42.5t in July, 41% lower y-o-y due to weak retail demand.