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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
Small profit booking expected after a steep rally
- International News – Given the length gold has travelled in recent weeks, a correction all the way back down to $1852 would not alter the overall bullish technical picture.
In domestic markets, we can see profit booking till 57000. - 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.
- International News – Given the length gold has travelled in recent weeks, a correction all the way back down to $1852 would not alter the overall bullish technical picture.
