Gold Outlook - April 23, 2020 - Hareesh V, Head Commodity Research at Geojit Finnacial Services

Gold may continue with positive momentum as investors continue to place trust on gold's safety due to fears of a steep global recession. Fiscal stimulus measures taken by central banks to overcome the negative economic impact of the coronavirus may also support the yellow metal. Meanwhile, moderate physical market activities and a steady U.S dollar are likely to limit major gains.

Technical Outlook (London spot): Ongoing positive momentum may continue as long as prices stay above $1690. Immediate and minor resistance is seen at $1738, a direct break above the same is required to take prices higher to $1758 followed by $1800 levels. Immediate downside turnaround point is seen at $1672.

Source : Equity Bulls

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