The spot gold technical outlook remains bearish with gold failing to break above the 20-day SMA for the 18th straight trading day. Additionally, the Relative Strength Index (RSI) indicator on the daily chart stays slightly below 50, confirming the view that sellers are looking to remain in control of gold (Yellow Metal) action.
Neal Bhai
Spot Silver Report: Selling Zone at $23 —$23.20 | Gold Silver Reports
Spot silver shorts at $22.50—$22.60 Target $22.20—$22.10, perhaps as far as $21.85/$21.80. If we continue lower look for $21.65 & $21.45—$21.40.
India Has a Love-Hate Relationship With Gold | Gold Silver Reports
India has a love-hate relationship with gold. Indians love gold. Indian policymakers hate that they love it.
An estimated 24,000 tonnes of gold lies unused with Indian households and religious institutions, according to a 2018 report by the NITI Aayog. From time to time, efforts have been made to bring this gold into the productive economy — from gold monetisation schemes to gold bonds and now the gold stock exchange.
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