Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Positive – – – Gold and Silver has cleared major resistance levels, sharp run rally expected.
Long-term View (3-4months) Positive – – Any dips towards 51000 and 55000 should be used as buying opportunities for the target of 55000 and 70000 for Gold and Silver respectively in long-term.
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
International News –– Bullion price retreat as the Federal Reserve approved a half-point interest rate hike on Wednesday, a smaller increase than in recent months and an acknowledgment that inflation is finally easing
Economic Data – –Policymakers also projected that PCE inflation, the FED’s favoured price gauge, would remain above its 2% target until at least 2025. Further projections showed souring expectations for the health of the US economy, with Fed officials now predicting that unemployment will rise to 4.6% by the end of 2023 and remain at that level through 2024