Gold CMP : $1878
As highlighted in a month ago on a pre-emptive move. Gold had witnessed a sharp rally of ~3.20% or ~$55 in last three days
• After consolidating for almost 18 months in the range, The shining metal has breached the key resistance zone around $1840
• Technically, Gold breaking out on daily, weekly and monthly charts
• Increasing Geopolitical tension makes investor rush for safe heaven bets
• Gold has been broadly underperforming asset in 7-8 years
In escalation of Russia – Ukraine tension, it is expected to head higher till $1920 where June’21 highs are placed.
I continue my long bias on Gold. Interim target for the Precious metal is placed at $1922 and $1940
However, I also expect it could perform comparatively better in next 6 to 12 months.
As highlighted in a month ago on a pre-emptive move. Gold had witnessed a sharp rally of ~3.20% or ~$55 in last three days
• After consolidating for almost 18 months in the range, The shining metal has breached the key resistance zone around $1840
• Technically, Gold breaking out on daily, weekly and monthly charts
• Increasing Geopolitical tension makes investor rush for safe heaven bets
• Gold has been broadly underperforming asset in 7-8 years
In escalation of Russia – Ukraine tension, it is expected to head higher till $1920 where June’21 highs are placed.
I continue my long bias on Gold. Interim target for the Precious metal is placed at $1922 and $1940
However, I also expect it could perform comparatively better in next 6 to 12 months.