GOLD WAIT FOR FEW UPSIDE Last week we predicted that Gold will touch 2356$ on lower side & 2439$ higher side. It actually touched 2353$ on lower side and 2432$ on higher side.
Our Spot #Gold Range Prediction from 29/07/2024 to 02/08/2024 is as under.
Next week can be highly volatile due to contract expiry.
Gold Spot : 2355$-2451$
Gold INR : 67400-70150
Our Spot #Silver Range prediction from 29/07/2024 to 02/08/2024 is as under.
Silver Spot: 27.55$-29.44$
Silver INR: 80200-85600
It must be remembered that price of precious metal depends on so many world wide factors like inflation, Fed interest rate, trade barrier, geopolitical tension, demand, supply, bond yield, dollar index , GDP, payroll data, CPI, currency fluctuation, debt ceiling , expected tax & duty changes, other commodity price crude oil etc. etc. and hence there can not be any accurate barometer of predicting precious metal price.
Gold INR has been calculated taking Gold Spot international price and converting the same assuming fixed Indian rupee rate. However, this is not accurate method as change in rupee value to dollar can substantially impact Gold INR price. Pl. note that price of commodity doesn't depend upon performence of company but depend upon performence of world economy, hence it is extremely risky to trade in commodities. Commodities market also become more volatile during contract expiry.
These are not a recommendation for buy or sell. This view is only for educational purpose. You are requested to consult your financial advisor before entering in to any trade.
