Precious Metals drops amid selloff sparked by strong dollar

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  • Gold and Silver – Kya Lagta Hai

    Short-term View (up to 1 week) – RangeboundGold has broken the symmetrical triangle range to upside while Silver has broken it to downside. But is oversold, so recovery expected.

    Long-term View (3-4months) – Positive – Any dips towards 50000 and 60000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively

    SPOT PRICES
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    SPOT Silver Hourly Price Chart
    Important News and Triggers 

    Precious Metals drops amid selloff sparked by strong dollar

    • International News – Precious metals lost more than 2% yesterday to sink further as a sharp rally in the dollar and rising interest rates sapped appetite for the non-yielding asset.
    • Demand and Supply – G7 countries, UK, Australia have signaled the ban of Russian gold, which produces around 300 tonnes
    • Economic Data– Investors now await minutes from the Federal Reserve’s June meeting on Wednesday for new clues on the likely magnitude of rate hikes in the coming months.
    • Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected.

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