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Gold enters bull market, rally to continue

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Gold are good again. In two short months the precious metals are wondering jump in the commodity front the price of gold continues to trade around its highest MCX Gold has breached above our recommended resistance at Rs.29616-29850 area and has rallied above Rs.30000 level.

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Gold could enjoy more upside this week after the consolidation despite good U.S data this week and ETF inflows look set to continue and the technical picture looks positive.weaker US dollar and persistent uncertainty in the financial markets has boosted the demand for gold ETFs.

Although gold is very much driven by FED policy  Back in mid-December the day after the Fed hiked rates for the first time in 9.5 years, gold dropped to a miserable 6.1-year secular low of $1051.

 


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