Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rangebound– Gold is consolidating in range of 50000 and 51000, while Silver is in range of 53500 and 56500
Long-term View (3-4months) – Positive – Any dips towards 50000 and 55000 should be used as buying opportunities for the target of 55000 and 65000 for Gold and Silver respectively by year end.
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
Precious Metals finding solace as risk-on weighs on the US dollar
- International News – Precious metal price finds support as equities rise and US dollar sulks below 20-year highs. The price is finding solace in a risk-on setting.
- Demand and Supply – Federal Reserve officials are on track to raise rates by 75 basis points for the second consecutive month when they meet later in July, after policy makers pushed back against a bigger hike.
- Economic Data– The key events coming up are the ECB, US PMIs before the Fed next week
- Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected.