Gold bulls gearing up for rally towards 55000

Gold and Silver – Kya Lagta Hai

Short-term View (up to 1 week) – Positive – – Gold and Silver prices are seeing rebound and cleared their recent highs. Next resistance for gold is $1815 and for Silver $23

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

International News ––– Gold price is trading close to its best levels in five months at the start of a new week, with risk flows dominating as China expands the covid reopening to Shanghai and Hangzhou. 

China premium – A better risk profile and dovish Federal Reserve expectations continue to remain a weight on the US Dollar, despite a big beat on the US Nonfarm Payrolls data. The US economy added 263,000 jobs in November, better than 200,000 but below 284,000 in October, according to the latest data released last Friday Central bank buying – The latest data from the WGC shows that central banks increased their buying of gold significantly over the third quarter. Central banks bought 399 tonnes in 3Q22, which is up 341% year-on-year and also a record quarterly amount. The data shows that Turkey, Uzbekistan, India and Qatar were the largest buyers of gold over the quarter,  


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