Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
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Below the Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"Gold prices traded with volatility but gained upward momentum after touching lower levels of $2,640 in Comex. Early selling pressure was seen due to the positive opening of the dollar index, which briefly touched highs of 103.25. However, as the dollar softened, gold found support and rose from $2,640 to $2,655. This pattern was mirrored in MCX, where gold prices saw support in the 75,750-75,800 range during the morning session.
Despite the volatility, the overall trend in gold remains positive, supported by a weakening dollar and safe-haven demand. A minor hurdle for gold prices this week is likely to be around ?76,500 in MCX, where resistance could slow further gains. However, as long as support holds near ?75,750-?75,800, the uptrend remains intact. Traders may continue to look for buying opportunities on dips, particularly with global uncertainties driving sentiment."
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