Short-term View (up to 1 week) –Weakness Precious Metals continues to create lower lows every day with weak bias.
Long-term View (3-4months) – Positive –Any dips towards 49000 and 52000 should be used as buying opportunities for the target of 52000 and 60000 for Gold and Silver respectively in long-term.
SPOT Gold Daily Price Chart
SPOT Silver Daily Price Chart
Important News and Triggers
International News – – Gold prices are displaying topsy-turvy moves at around $1,630 ahead of Fed Powell’s speech. Fed’s chosen approach for the remaining 2022
Demand – Money managers decreased their long position in the gold market for the sixth consecutive week. Gold’s bearish streak continued with a flow of USD3.1
bn, the sixth weekly bearish flow in a row for bullion
Currency Markets – The Indian rupee and the Chinese renminbi depreciated 0.77% and 1.27% respectively against the dollar during the period. This is expected to weights further on demand as India and China are two important gold markets.