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Sandesh Nandode, Founder and Chief Mentor, Research Analyst. Mumbai -Dubai

Location: Mumbai, Maharashtra, India

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Gold Slips as Dollar Gains

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Gold on slips more than 1.50% and break 4 weeks low on Wednesday mainly due to increased uncertainty about rising COVID-19 cases in Europe and U.S. presidential elections to be held on 3 November 2020. Spot Gold has fallen by 1.75% to $1870.80 per ounce. There are still so much concern and uncertainty related to COVID-19 and the possibilities of renewed lockdowns in Europe has send a panic wave across the markets. In response to this Dollar is gaining attention and stock markets along with Gold are looking under pressure. On downside gold spot has support at $1848 level, if this level is broken the we may see panic selling up to $1805 levels. On the contrary safe-haven dollar surge by almost 0.8% whereas all major stock market indices are down by more than 1.50%. Gold is considered a hedge against inflation and currency debasement and has appreciated by more than 23% in this year and made a life time high of $2074.88 per ounce. Sandesh Nandode, Forex and Crypto Analyst. Publ...
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Wow Moment...India’s Forex Reserves rose to USD 513.25B for the first time

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As per the data released by Reserve Bank of India on 10 th July 2020, India’s Forex Reserves reaches to all time high at USD 513.25B. International reserves are used to settle balance of payments deficits between countries. International reserves are made up of foreign currency assets, gold, holdings of SDRs (Special Drawing Rights) and reserve position in the IMF (International Monetary Fund). Usually Forex reserve includes:  1. foreign currencies, 2. other assets denominated in foreign currencies, 3. particular amount of special drawing rights. A foreign exchange reserve is a useful precaution for countries exposed to financial crisis. It can be used for the purpose of intervening in the exchange market to influence or peg the exchange rate. A growth in forex reserves is a positive sign for Indian economy. With growing forex reserves we are growing stronger like never before. Here are the purposes of keeping Foreign Exchange Reserves... To keep the value of their currencie...
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Is GOLD Heading Towards Life Time High ?

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Gold Prices are trading higher on Tuesday reaching to $1802 levels. This upward rally in Gold prices is mainly attributed to the rising cases of COVID-19 and cross border tension between India and China. Gold future risen by 1.18% to cross 1800 mark. MCX Gold future was up 1.02 per cent at 47780 per 10 grams, while Silver Future were trading at 50300 up by 2.50 per cent. Confirmed COVID-19 cases world wide exceeded 1 crore mark and deaths surpassed 500,000 so far. Gold prices was held steady during last 2 quarters and spurts in current quarter to post one of the biggest upward movement over past five years. Technically, Gold future on Comex shows strong support at $1680 levels, on upside it may rise up to $1980 per ounce. A level of $1915 will act as strong resistance, if this level is crossed then be ready to see an even stronger rally ahead. By SANDESH NANDODE - Research Analyst, Mumbai            
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