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. As prices have runup too fast, some
profit-booking is expected.
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 Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Gold strikes $1900 as the US Inflation cools
- International News – Gold pared gains fueled by cooling US inflation as traders assessed the Federal Reserve’s pace of interest-rate hikes. The dollar and Treasury yields extended declines right after the print, but have since pared some of the losses. Bullion soared as much as 1.4% before giving up some gains.
- Economic data – The year-on-year inflation number for December has fallen to 6.5% from 7.1% seen in November 2022.
- Growth – World Bank economic forecasts add strength to the gold price even if US Dollar probes buyers. World Bank stated that it expects the global economy to grow by 1.7% in 2023, down sharply from 3% in June’s forecast.