The Reserve Bank of India (RBI) increased its gold reserves to 879.59 tonnes in FY25, the central bank said in its annual report released on May 29.
The country’s gold reserves were at 854.73 tonnes in September 2024.
The surge in reserves has been attributed to a combination of fresh purchases of 54.13 tonnes, a 30 percent increase in gold prices, and the depreciation of the rupee against the dollar.
Following our technical analysis we can see Gold reacting from the 4h Fvg therefore we expect a shift in market structure when price breaks above 3325 where we shall be looking for long positions to take out the all time high.
Consequently, if the short term trendline holds the price below 3325, we expect to short
the market to around 3180 where price will have alighned with the overall bullish trendline therefore considering longterm buying opportunity..
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The country’s gold reserves were at 854.73 tonnes in September 2024.
The surge in reserves has been attributed to a combination of fresh purchases of 54.13 tonnes, a 30 percent increase in gold prices, and the depreciation of the rupee against the dollar.
Following our technical analysis we can see Gold reacting from the 4h Fvg therefore we expect a shift in market structure when price breaks above 3325 where we shall be looking for long positions to take out the all time high.
Consequently, if the short term trendline holds the price below 3325, we expect to short
the market to around 3180 where price will have alighned with the overall bullish trendline therefore considering longterm buying opportunity..
If you find this helpful Please Like, Subscribe and share for more Insights on XAUUSD
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.