Gold and silver – Kya Lagta Hai
Short-term view (up to 1 week) – Weakness– Gold has broken support at downtrend 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 52000 should be used as buying opportunities for the target of 55000 and 60000 for Gold and Silver respectively by year end.
Spot gold daily price chart
Spot silver daily price chart
Important news and triggers
- International news – Gold jumped 1% and silver rallied over 6% on Monday bolstered by a weaker dollar, while investors awaited key inflation data for cues on the pace of interest rate hikes by the U.S. central bank.
- Demand and Supply – – The Fed is largely expected to deliver a 75-basis point rate increase later this month. The U.S. central bank has raised its benchmark overnight interest rate by 225 basis points in total since March to fight soaring inflation.
- Economic data – – – European Central Bank officials have signaled further rate hikes to rein in inflation, which has supported the euro and pressured the U.S. dollar and is in part responsible for some strength in the gold market,
- Indian Demand – India’s gold imports in August halved from a year earlier to 61 tonnes as volatile local prices and a weak rupee prompted consumers to postpone purchases.
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