Precious Metals consolidates at 30 months low

Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) –Weakness  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 Prices
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
  • International News – –  Gold prices are consolidating at 2-1/2-year low as the dollar pulled back slightly from its two-decade peak, offering some support to bullion in the face of jitters over rising U.S. interest rates.
  • 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 signaled 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 – The greenback continues refreshing 20-year highs, with the US Dollar Index sitting at 113.65, up by 1.55%, after hitting the YTD high at 114.4.
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