Insights

Bullion ends Santa Claus rally

Weekly Blog

The gold market got off to a strong start this week, with the precious metal reaching a record high of $2150 on Monday. Gold was unable to sustain above the Triple top resistance of $2080 this week and create an Engulfing bearish candlestick chart pattern this week.

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Gold rangebound before Unemployment data today

Daily Report

Gold is currently trading between $2020 and $2050 per ounce, after temporarily rising to record highs above $2100 at the start of the week. Traders were now focused solely on nonfarm payroll data for November, which was coming today, for any additional labour market clues.

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Gold record high price last for eye blink

Daily Report

The gold price fell for the second day in a row after reaching an all-time high above Rs 64000, and it has dropped more than Rs 2000/10 gm in the last two days. Even though a risk-off impulse is a key engine and normally boosts appetite for gold, traders are migrating to the Dollar in the short term.

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Gold drops after spiking to a record high above $2150

Daily Report

Gold prices reached new highs of $2150 yesterday as investors bet on a March Fed rate cut and new geopolitical tensions between the Yemeni Houthis and the US. Profit booking followed and took the prices to touch $2040 on the downside. One should be cautious and wait for new trading opportunities.

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Gold and Silver building base around $2050 and $25

Daily Report

After a sharp runup this week, gold and silver prices are trying to build a base at these higher levels, which is necessary for a bullish run to continue further. Gold prices have cleared the resistance of $2020 (Rs 61800) to touch the level of $2045 (Rs 62300). Once the prices sustain above these levels, the next target is $2080 (Rs 63000).

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Gold crosses Rs 62000, a new all-time high

Daily Report

The biggest trigger of gold crossing 62000 was the De-Dollarization seismic shift. As the UAE announced that they have stopped using Dollars in Oil trades, this gave a boost to the safe-heaven asset Gold. Once the prices sustain above these levels, the next target is $2080 (Rs 63000).

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