Short-term View (up to 1 week) – Rebound – Bullion prices have been making higher highs on daily charts, suggesting rebound
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 Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
International News – – Gold prices fell 1.6% in October and have dropped for seven consecutive months, marking the longest slump since 1869. Higher rates pressured gold by lifting returns on other assets such as government bonds and the dollar that compete with gold for investment. Gold, however, has still outperformed most other notable assets despite the sharp decline this year.
Indian Demand – – India bought 191.7 tonnes of gold worth Rs 85,010 crore in Q3 2022 and also defied the international gold investment trend by posting a positive gold investment figure.