Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Negative– Gold is consolidating in range of 50000 and 51000, while Silver is in downtrend trading below 54000
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 PRICES
SPOT Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Precious Metals rebounds from near 11-month low as U.S. dollar retreats
- International News – Precious Metal rebounded from last week’s 11-month low, supported by a weakening dollar as traders pare back expectations of aggressive Federal Reserve interest-rate hikes.
- 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– US retail sales were stronger than expected in June — underscoring a resilient economy despite tightening monetary policy
- Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected
