Precious Metals witness short-covering rally

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  • gold and silver – kya lagta hai

    short-term view (up to 1 week) – WeaknessGold 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.

     

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    spot gold daily price chart
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    Important news and triggers

    Precious Metals witness short-covering rally

    • International news –  Precious Metals is kind of seeing a relief-short covering rally. U.S. jobs data came mostly in line with expectations. Nonfarm payrolls increased by 315,000 jobs last month. The market is deeming it as a goldilocks number as it doesn’t suggest weakness, but is not too strong to prompt an even more aggressive FED.
    • Demand and Supply – – As long as gold is priced in the U.S. dollar, it’s critical to keep the latter in mind. And last week, something epic happened in the forex market. Namely, the EUR/USD closed the week below the all-important 1 level. For the first time in almost two decades!
    •  Economic data – – – It’s getting much clearer that central banks are going to be aggressive with tightening due to unprecedented inflationary pressure, which is not good for gold
        1. https://insights.augmont.com/disclaimer ko
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