Gold rises above $1780 on recession fears and weak Chinese data

Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Positive – – Gold and Silver prices are seeing rebound and cleared their recent highs. Next resistance for gold is $1815 and for Silver $23 
Long-term View (3-4months) – Positive – –– Any dips towards 51000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively in long-term.
SPOT Prices

SPOT Gold 4 Daily Price Chart
SPOT Silver 4 Daily Price Chart

Important News and Triggers

International News ––  Gold price climbs back above $1780 amidst a risk-off impulse due to negative data from China increasing concerns of a global recession, while worldwide central banks continue to raise borrowing costs.

Demand – – Sentiment shifted negatively on weaker Exports from China as recession fears increased. Economic data revealed in the United States warrants further Federal Reserve tightening.

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