Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Profit-booking– – – Next target for Gold and Silver is Rs 60000 and Rs 75000. But prices are over bought, some correction expected.
Long-term View (3-4months) – Positive – – – Gold is on its way to touch $2020 (Rs60000) and Silver is on its way to touch $30 (Rs 80000) in 2023.
SPOT Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Precious Metal consolidates at highs
• International News – As traders awaited additional economic data to assess its likely impact on U.S. interest rates, gold edged up yesterday, but prices were held in check by a slightly stronger dollar. A further increase in gold prices would require weaker U.S. data or a faster decline in inflation, which would allay concerns about the Fed tightening monetary policy.
• Economic data – Up until the publication of the January U.S. consumer price index (CPI) next week, gold prices are probably going to be erratic. However, after policymakers resisted expectations that they would soon pause, traders have increased their projections of how high the FED would need to raise rates