Gold - May 18, 2020 - Mr. Anuj Gupta (DVP – Commodities & Currencies Research, Angel Broking)

"Today, gold touched new life time high and trading on 47711 levels on mcx. In international market, gold is trading above its 7 year high level of $1760. As expected safe heaven demand supports the Gold prices. Last week gold prices increased by 3.42% and touched new high. Dovish comment by fed chairman Jerome Powell Business shutdowns could easily cause the US economy to crash by up to 30 per cent in the current quarter. He also commented on unemployment could peak at 25 per cent, in levels not seen since the Great Depression of the 1930s. As expected by us earlier that Gold may trade positive. Further we expect Gold may trade positive towards Rs 48200 to 48300 levels.

For intraday perspective in intraday, traders can buy Gold around Rs 47300 to 47400 levels, with the stoploss of Rs 46900 levels and for the target of Rs 48300 to 48400 levels. In international Market spot Gold can test $1780 to $1800 levels."

Source : Equity Bulls

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