Short-term View (up to 1 week) – Rebound – While retaking the $1,650 level is a positive signal for gold, the yellow metal is still trading below the key $1,700 level, making it susceptible to more declines in the near-term.
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 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 continues its recovery. Domestic prices have crossed the downtrend line, as they are supported by USDINR depreciation.
Demand – The main events to watch for will be US Nonfarm Payrolls that are due at the end of the week, while a flood of manufacturing PMI data out later on Monday will also give insight into the global economic outlook.