Gold Silver Recovery Unlikely to Sustain

On the weekend, price recovery has seen in bullion i.e. Gold and Silver. But in my opinion, this recovery is unlikely to sustain. There are a few reasons in my point of view, which I have mentioned below:-

1. Rupee getting strong on the chart. Currency pair USD/INR facing resistance on the upper level. 71.60 to 71.90 is a strong hurdle. After RBI move in cuts of repo rate rupee getting support. The technical chart also supporting the rupee.
2. Gold/Silver looks weak on the chart for the short term.
3. Rupee strength will drag Gold/Silver, although they can get support from the USA market a little bit.
4. Base metals showing weakness on the weekend too. There is no sign of short-covering or buying.
   

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Posted By -Rajesh Gupta at 7:30 PM.