Gold finds Support Ground@$1770 & Marching towards $1840!

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Gold recently under the selling pressure as corporations are readjusting their portfolio, Preferring Crypto & other precious metals as an alternative e.g., Recently BlackRock sold 2.7Millon SPDR Gold Shares (GLD).

Even the latest inflation data (PPI) doesn’t seem to have any +VE impact on gold yet!!

Currently Gold is trading at the support level, which should attract some fresh strong new buying and the short covering which should push the prices higher.

In my view Gold technical correction is over and should bounce back from this point onwards to $1840-$1850

Comment:

Gold is trying to get pass the Trend Line and seems facing resistance; Also Facing headwinds from raising bond yields!! Recent weakness in the BitCoin helped Gold to move higher

Comment:

As expected Gold faced rejection from the Trend Line.. its' going to retest the $1775 level and will be bouncing back strongly!! At the same time one need to mindful about fundamental developments e.g. US inflation forecast, 10yr Bond yields, US stimulus bill, Crypto currency volatility etc