Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Positive – Gold is trading at important support of $1670, if prices sustain below these levels, it can fall towards $1620.
Long-term View (3-4months) – Positive –Any dips towards 49000 and 52000 should be used as buying opportunities for the target of 52000 and 60000 for Gold and Silver respectively in long-term.
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
- International News – – – Precious Metals are trading stable, buoyed by haven-related buying interest after Russian President Vladimir Putin ordered reservists to mobilize and made remarks seen as a threat to use nuclear weapons, as he escalated the war in Ukraine.
- Economic Data – The US Federal Reserve raised its target interest rate by three-quarters of a percentage point to a range of 3.00%-3.25% on Wednesday and signalled more large increases to come in new projections showing its policy rate rising to 4.40% by the end of this year before topping out at 4.60% in 2023 to battle continued strong inflation.
- Currency Markets – Meanwhile, the US Dollar Index has printed a fresh two-decade high at 111.78. The DXY is expected to continue its dream run as more rate hikes are on the way till the Fed experiences a series of slow down in price pressures for months.