Gold remains weak below $1740 after Powell-led blow

Reading Time: 2 minutes
  • 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.

     

    spot prices
    spot gold daily price chart
    spot silver daily price chart
    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.
        1. https://insights.augmont.com/disclaimer ko
Share on

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

Menu