Gold and Silver – Kya Lagta Hai
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 is looking to recover further ground from two-month lows of $1,617 but remains on track to record the second straight weekly decline. The US Dollar (USD) has retreated from nine-day highs of 113.15 against its major rivals.
- Demand – – The rebound in domestic economic growth and household disposable income compared to the second quarter laid the foundation for a quarter-onquarter recovery in gold jewelry demand in the third quarter. Easing of gold prices from their first-quarter high also plays an important role.