Gold - May 18, 2020 - Hareesh V - Head Commodity Research - Geojit

Gold will continue to rise on hopes of an immediate global economic recovery from the coronavirus meltdown and rising fresh hostilities between US and China. Concerns over the next wave of virus breakout and stimulus measures taken by global central banks also ignite gold's safe haven demand. Meanwhile, an upbeat dollar and limited physical market activities are likely to cap major gains.

Technical Outlook (London spot): As prices cleared the immediate resistance of $1735 we can expect rallies to continue towards the next targets of $1780 followed by $1800 levels. Weakness will be seen only if there is a break of $1665.

Source : Equity Bulls

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