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 Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Precious Metals seesaws between gain and losses
- International News – price seesawed between tepid gains/minor losses around $1700 and Silver around $19. The ongoing USD profit-taking slide from a 20-year low, weaker US bond yields offered support.
- Demand and Supply – Aggressive Fed rate hike bets, a positive risk tone acted as a headwind and capped the upside.
- Economic Data– It was plausible for the Fed funds rate to be “higher than 4% by the end of the year if data continues to come in in an unfavorable way.
- Domestic News– India’s gold imports in June nearly trebled from year-ago levels as prices corrected.