Gold Outlook - April 28, 2020 Hareesh V, Head Commodity Research at Geojit Financial Services

Chances of easing coronavirus restrictions in many countries and higher level profit booking are likely to hit prices. Meanwhile, upcoming key economic releases like US Fed's policy meeting and GDP numbers will prompt investors to take a cautious bet on the yellow metal. However, global recession fears and hopes of more quantitative easing measures from central banks will keep its long term safe-haven demand steady.

Technical Outlook (London spot): Inability to break the immediate upside obstacle of $1738 expects corrective selling pressure in the counter. However the broad positive bias remains intact as long as prices stay above $1665. An unexpected drop below the same would be an early signal of major liquidation pressure.

Source : Equity Bulls

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