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 Gold Hourly Price Chart
SPOT Silver Hourly Price Chart
Important News and Triggers
Spotlight shifts to FED meeting
- International News: Bullion prices trades in a narrow range as traders braced for a Federal Reserve meeting this week, with an eye on any signs of slowing global economic growth. On Wednesday, the Fed is widely expected to raise interest rates by a relatively modest 25 basis points. However, given that recent data has painted a somewhat mixed picture of the US economy, the central bank’s stance on future rate hikes will be closely watched.
- Indian News– – Physical demand has been week in Indian markets as prices are at record high. Traders are being on sidelines as they are expecting Import duty cut
in Gold in Indian Union Budget, that will be presented on 1st Feb.