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Published on 11/08/2020 5:24:16 PM | Source: Angel Broking Ltd

Views On Bullions by Mr. Anuj Gupta,Angel Broking

Posted in Commodities Reports| #Expert Views #Angel Broking Ltd #Anuj Gupta

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Below is the Views On Bullions by Mr. Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking Ltd

“It is a right time of profit booking in Gold and Silver, However the trend of bullions are still positive, but traders should have cautious approach while taking any position in Bullions on these higher levels. Prices are now in over bought zone. Dollar index is recovered from lower levels due to hawkish Job data released last week. We expect some profit booking in Gold and Silver as in the physical market people are selling their ornaments and bars for getting advantage on higher levels. We expect gold may test Rs 52000 levels to 51000 levels and Silver may test Rs 69000 levels to 70000 levels in the short term towards the down side. Traders may book profit on higher levels and  may go for sell in gold and silver, however global economic instability and geopolitical tension between US and China may work as a supportive factor for bullion in the long run.  Approval for First COVID-19 vaccine by Russia's health ministry has also put pressure on the Bullions.”

 

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