Gold price dream run

Gold price continuing its dream run. From 1450$ to 1870$ within 3 months. Earlier in my post I cleared my stand on gold prices. If you are reading my article or watching my daily youtube videos then you must be knowing we are in buy. However gold has gained nearly 30% from its March’s low and continuing its dream run.

Gold price climbed from 1800$ to 1870$ in flat 3 days and still climbing every hour. Main reason of gold higher price is dollar index & rising corona virus cases. US stand tall with more than 3 million covid-19 cases. While other countries also recording big numbers. In India alone we had 45000+ cases corona virus cases yesterday. So surging virus cases creating uncertainty which is major driver of gold prices.

Another reason added in Gold since past few weeks is US & China’s deteriorating relations. Yesterday US unexpectedly asked China to close down its Embassy in Texas. This is one of the biggest step taken by US since start of trade war. China vow to retaliate this and we still need to see what China does in retaliation.

Due to covid -19 cases we are seeing a lot of uncertainty and traders are pegging gold to hedge their bets against rising stock market. Despite surging virus cases and deteriorating economies. Our stock markets around the world are clocking new high from its march lows. Infact US 30 & Nifty is just 10% shy from their lifetime highs. This is one of the biggest puzzle market need to solve in this pandemic.

Currently gold price is trading at 11 year high and continuing its march at 1873$. Good support in today’s chart stands at 1854$. Once trader break and sustain below 1854$. Then expect good profit booking in xauusd price till 1840$ – 1830$.

Resistance in gold chart stands at 1892$. If trader break and sustain above 1892$. Then expect good rise in gold till 1911$ – 1921$.

Conclusion: Surging virus cases & Bad economies driving gold price higher. We may see more highs very soon in yellow metal.

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By marafat