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 (Rs 60000) and Silver is on its way to touch $30 (Rs 80000) in 2023.
COMEX Gold Hourly Price Chart
COMEX Silver Hourly Price Chart
Important News and Triggers
Precious Metals attempts recovery after a sharp selloff last week
• International News – Gold price attempts another run toward the $1900 mark, in the green so far this week. Federal Reserve Chair Jerome Powell pauses the US Dollar recovery with US Treasury bond yields.
• Economic data – Softer US yields are weighing on the USD Index despite hawkish Fed bets. Gold price is auctioning in a re-distribution episode in Wyckoff’s markdown phase.