Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Rangebound– Gold and Silver prices have rebounded, as it was oversold
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 rebound ahead of US GDP and hawkish FED
- International News – Rangebound – Precious Metal upsurged after U.S. Federal Reserve chair Jerome Powell signalled the central bank could slow the pace of rate hikes in coming months, but a rise in the dollar prompted the metal to pull back from a three-week peak.
- Demand and Supply – Indian Gold demand in the June-ended quarter was up 43 per cent to 171 tonnes against 120 tonnes reported in the same period last year on the back of buying for wedding and festival season.
- Economic Data– Investors remain worried over a potential negative US GDP print in Q2, which would tip the world’s largest economy into a technical recession.
- Domestic News– The India International Bullion Exchange which has enrolled 56 qualified jewellers to trade on the exchange and set up infrastructure to store physical gold and silver is going to be launched today.