Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rangebound– Gold and Silver, both have broken the symmetrical triangle, next support for gold is 50000 and for Silver, it is 56000.
Long-term View (3-4months) – Positive – Any dips towards 50000 and 56000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively by year end.
SPOT PRICES
SPOT Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Precious metals consolidate at 15-month low on Dollar strength
- International News – Precious metals have been consolidating at 15-month low against a soaring Dollar as new US data said the world’s largest economy added more jobs than analysts forecast in June, holding the unemployment rate near its lowest since the late 1960s.
- Demand and Supply – G7 countries, UK, Australia have signaled the ban of Russian gold, which produces around 300 tonnes
- Economic Data– The US Bureau of Labor Statistics (BLS) reported that nonfarm payrolls increased by 372,000 in June, exceeding the market’s expectation of 268,000.
- Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected.
