Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Negative–
Gold and Silver prices are continuously getting support on uptrend line. Next resistance for gold is 58000 and for Silver 70000
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 prices highest in 2 years
- International News – Gold prices are trading at 2-year highest level as the year 2022 has undoubtedly increased market participants’ confidence in gold and silver. Along with Russia-Ukraine tensions, inflationary concerns, and the Covid scare in China, market participants will be burdened by the prospect of slower global growth in 2023
- Economic data – Traders will be eyeing minutes from the Fed’s December policy meeting due later this week to have more insight into the central bank’s tightening path. The Fed raised rates by 50 basis points (bps) in December after four consecutive increases of 75 bps each.
Category: Daily Report
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