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
Precious Metals rebounds on weaker bond yields and rampant dol
- International news – The precious metals prices edged up on as a rally in U.S bond yields paused, but gains were limited by sustained strength in the dollar and impending aggressive monetary policy decisions.
- 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 – – – The ECB is this week expected to deliver a second big rate hike to tame record-high inflation just as a halt in supplies from a major Russian gas pipeline fans further inflation and recession fears in Europe.