Short-term View (up to 1 week) – Positive – Domestic Gold and Silver prices seems to have bottom out due to depreciating rupee.
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 – – Gold price slides to fresh two-and-half-year lows dampened by a risk-off mood and flows towards the US dollar, which rose to new two-
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 112.990, up by 1.55%, after hitting the YTD high at 113.228.