Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) –Positive–Gold is finally trying to break its range with next resistance 53000while silverprices have also given an upside breakout from its descending triangle, next resistance at 68500.
Long-term View (3-4months) -Positive – Any dips towards 50000 and 65000 should be used as buying opportunity for target of 55000 and 75000 for Gold and Silver respectively
SPOT Prices
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SPOT Gold Daily Price Chart
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SPOT Silver Daily Price Chart
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Important News and Triggers
- International News – Precious metals rebounds as the markets have priced in a 50 bps Fed rate hike move in May, the USD witnessed a typical “buy the rumour, sell the news” kind of trade amid a sharp fall in the US Treasury bond yields.
- Demand & Supply–The Reserve Bank of India added 2.4t to their gold reserves in March, taking total gold reserves to 760.4t. Year-to-date, Indian official gold reserves have risen by over 6t.
- Economic Data –USCPI accelerated to 8.5% during the reported month as against expectations for a rise to 8.4% from 7.9% in February. This, in turn, was seen as a key factor that boosted the precious metal’s appeal as a hedge against inflation.
- Domestic News–India’s gold imports, which have a bearing on the country’s current account deficit (CAD), rose by 33.34 per cent to₹14 billion during the 2021-22 fiscal on account of higher demand, according to official data. Gold imports were worth ₹34.62 billion in 2020-21.
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