Quote on Gold by Mr. Sandip Raichura, CEO - Retail Broking and Distribution, Director - PL Broking and Distribution
Below the Quote on Gold by Mr. Sandip Raichura, CEO - Retail Broking and Distribution, Director - PL Broking and Distribution
Gold prices had a good time last week as prices clawed back gains from earlier weakness as uncertainty continues to reign supreme. There was some weakness at the time of writing this piece as the U.S. dollar strengthened slightly . Markets continue to wait for Trump Tweets to gauge direction and till then its likely that Gold will continue to remain in a band with a slightly upward bias. The 2,780 levels will act as a key technical barrier on the upsides though for now the bullish undertone remains strong as the commodity remains in an ascending channel. Trump has signaled a 25% tariff on imports from Canada and Mexico, along with a 10% levy on Chinese goods starting February 1. This would soon be followed by a play on European trade. The next big trigger is the coming week’s Federal Reserve meet where any upward bias on yields could further dampen gold prices.
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