Perspective and Outlook on Gold by Mr. Sandip Raichura, - CEO of Retail Broking and Distribution & Director, PL Capital
Below the Perspective and Outlook on Gold by Mr. Sandip Raichura, - CEO of Retail Broking and Distribution & Director, PL Capital
"In our previous piece we had forecast rangebound trades on Gold which played out as expected. The FOMC stance on keeping rates unchanged added to the pressure – and even though this was expected, Gold has reacted negatively. As a consequence, bulls have been on the back foot after the more than 70% rally in gold in 15 months.
Charts indicate near term weakness in gold and as uncertainty reduces – with definitive tariff announcements being made – it’s likely that Gold may falter in the near term including possibly a larger pullback to 3150-3200 USD levels / oz. With DXY strengthening in the near term, this caps upsides further.
A move above 3450 would open up the metal to our longer term targets of 3700 USD but we expect this after a downmove happens."
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