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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 and Shoulder pattern on daily charts. Neckline resistance is $1820. If prices sustain above it, target would be $2020.
SPOT PRICES
- SPOT Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Gold has been a staple in investment portfolio
- International News: The main reason for the rally in bullion price is the expectation that the US Federal Reserve will slow the pace of interest rate rises, and in due course start to reduce the cost of borrowing again. An increasing “war economy mentality” may discourage central banks from holding foreign exchange reserves and they could turn instead to gold.
- Economic Outlook– After four consecutive 0.75 percentage point hikes and a half-point rise in December, it appears that the central bank’s monetary tightening policy is working. Last week US inflation fell to its lowest level in more than a year and that has led investors to believe that the peak in rates is approaching.
- SPOT Gold Hourly Price Chart
Category: Daily Report
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