Below are Views On Gold Outlook for the day By Mr. Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd
Today Gold price corrected by 0.54% and trading at 49075 levels on the back of strength of Dollar and increase in US Bond yields. Traders are expecting stability in US economy as Biden won the US election and over optimism on US economy. Silver trading at 0.11% higher and trading at 65585 levels. It is expecting that gold may fade out its safe haven demand as people looking towards US Dollar for investment.
Investors pulled money from the gold as safe haven to plow into Treasuries as U.S. 10-year note yields surged to March highs. People may also sell their Gold ETF holding as they are expecting stability in US Politics with President-elect Biden and as the U.S. begins to speed up their vaccine rollout.
As of now traders can go for sell in Gold at 49200 levels with the stop loss of 49550 for the target of 48700 levels. Also sell silver at 65800 levels with the stop loss of 66300 levels for the target of 64500 levels.
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