Gold remains weak below $1740 after Powell-led blow

  • gold and silver – kya lagta hai

    short-term view (up to 1 week) – WeaknessGold has taken support at down trend channel again, while Silver is continuously trading below its downtrend line from last 5 months

    long-term view (3-4months) – positive –  Any dips towards 50000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively by year end.


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    Important news and triggers

    Gold remains weak below $1740 after Powell-led blow

    • International news –  Precious metals price is licking its wounds while keeping its range below $1,740, as a fresh week kicks off on a defensive note.
    • Demand and Supply – Economic activity weakened from the US to Europe and Asia, reinforcing concerns that soaring prices and Russia’s war in Ukraine will tip the world into a recession.
    •  Economic data – – Powell maintained that the Fed will continue with its tightening path until inflation is brought down substantially from a four-decade high. The Fed Chief also added that the September rate hike decision will be data-dependent.
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