Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rangebound– Gold 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 Gold Hourly Price Chart
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.