Recession fears weighing on Bullion

    • 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 70000. But prices are over bought, some correction expected.

      Long-term View (3-4months) – Positive – – Gold has made Inverse Head and
      Shoulder pattern on daily charts. Neckline resistance is $1820. If prices sustain
      above it, target would be $2020.

      SPOT PRICES
      SPOT Gold Hourly Price Chart
      SPOT Silver Hourly Price Chart
      Important News and Triggers 

      Recession fears weighing on Bullion

      • Price Outlook – Gold price is rising for the first time in four trading days today, as bears take a breather ahead of a fresh batch of economic data from the United
        States. The United States Dollar (USD) has paused its recovery momentum amid the persistent weakness in the US Treasury bond yields. FED talks, China concerns
        should be watched carefully for clear directions.
      • Economic Data– China’s Gross Domestic Product (GDP) for the fourth quarter (Q4) printed 0.0% QoQ figure versus -0.8% expected and 3.9% prior. Further details
        suggest that the Industrial Production for December grew 1.3% YoY versus 0.5% market forecasts and 2.2% prior readings. Additionally, Retail Sales improved to –
        1.8% YoY for December compared to -7.8% consensus and -5.9% prior.

      Disclaimer

       

Category: Daily Report
technical
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