Gold and Silver – Kya Lagta Hai
Short-term View (up to 1 week) – Profit-booking– – – Next target for Gold and Silver is Rs 60000 and Rs 75000. But prices are over bought, some correction expected.
Long-term View (3-4months) – Positive – – – Gold is on its way to touch $2020 (Rs 60000) and Silver is on its way to touch $30 (Rs 80000) in 2023
COMEX Gold Hourly Price Chart
COMEX Silver Hourly Price Chart
Important News and Triggers
Precious Metals attempts recovery after a sharp selloff last week
• International News – Due to conflicting fundamentals and a cautious outlook, the price of gold remains stagnant within a short-term key trading range. In light of conflicting employment data, Fed policymakers seem less inclined to support aggressive rate increases. Prior to the important US consumer-centric data, recession concerns support US Dollar demand and weigh on Gold.