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  

      


Location: Mumbai, Maharashtra, India

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