A remarkable rally can be seen in riskier assets in last week against the soft greenback & soaring U.S Treasury bond yields. The progress in economic growth in terms of GDP & employment in major countries despite mounting Covid-19 infections & continuation of adopting accommodative monetary policy by U.S Fed of not hiking the interest rates until situation stabilizes; contributes in softening USD & making the Gold more expensive. Uplifting the lockdown in U.K & worsening Covid-19 situation in India further makes the Gold to trade on higher levels. Besides this, the China posted better than expected PMI & Trade Balance data which shows a revival in consumption demand of Gold & pushed up the prices since China is a top consumer of metals. Upcoming event of ECB meeting; focusing on interest rate decision & QE program will remain vital for Gold. As seen in the chart, the Gold successfully reversed upside after forming the double bottom at $1675 levels & also, crossed short term Moving Averages of period 10 & 20. Moreover, the RSI line is moving northwards indicating further upside; which may result into testing the levels above $1800. Buying on corrective dips may be recommended with a next possible target of $1810-$1820 on short to medium term basis.Read More… Read Less
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