Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Profit-booking– Next target for Gold and Silver is Rs 60000 and Rs 70000. But prices are over bought, some correction expected.
Long-term View (3-4months) – Positive – – Gold has made Inverse Head andShoulder pattern on daily charts. Neckline resistance is $1820. If prices sustain above it, target would be $2020
SPOT Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Gold faces some barricades but overall trend positive
- Price Outlook: Gold price is struggling to sustain above the immediate resistance of $1930. Hawkish commentary from Fed policymakers is strengthening the US Treasury yields. Overall view is positive, $2000 in International markets and Rs 60000 in domestic markets looks very likely.
- Economic Outlook– According to a Reuters survey, the Fed will pause the policy tightening program after two 25 bps rate hikes.