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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.
- 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
Category: Daily Report
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