gold and silver – kya lagta hai
short-term view (up to 1 week) – Weakness– Gold has taken support at down trend channel again, while Silver is continuously trading below its downtrend line from last 5 months
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 firm ahead of FED symposium
- International news – Precious Metals fluctuate as investors weighed the outlook for the Federal Reserve’s monetary policy tightening path after data continued to give a mixed picture of the US economy.
- Demand and Supply – Economic activity weakened from the US to Europe and Asia, reinforcing concerns that soaring prices and Russia’s war in Ukraine will tip the world into a recession.
- economic data – – The annual gathering of central bankers at Jackson Hole later this week and Fed Chair Jerome Powell’s speech on Friday should provide some clues on the US central bank’s tightening path.