by Mr. Sandip Raichura, CEO – of Retail Broking and Distribution, Director – of PL Broking and Distribution.
“Gold prices have remained buoyant over the past week as uncertainty, while reduced to some extent, has not disappeared. Growing concerns about US President Donald Trump’s tariff plans have continued to provide some support to the precious metal apart from softish US yields and DXY. The US retail sales data on Friday is a key trigger Technically, the gold price maintains a strong uptrend on the daily timeframe as the price holds above the key 100-day Exponential Moving Average (EMA). However, the 14-day Relative Strength Index (RSI) remains in the overbought territory and therefore some bit of a pullback may be there after a sharp rally right upto 2940 levels. The next logical level for the prices remains the sentimental level of USD 3000 which we believe is coming soon after a short pullback.”