Gold prices hit multi-year high

April 20, 2018

London (Apr 20)  Gold prices rallied this week on the back of geopolitical tension after USA airstrikes on Syria which boosted the demand for safe haven such as gold and silver.

 Dollar index also slipped below the crucial support level of $90, which supported bullions prices.

 On Weekly chart prices broke the strong resistance level of 31,300 and touched 2 years high of 31,600 levels on MCX.

 Overall trend is bullish for prices as RSI on weekly chart is above 60 levels, which indicates momentum in strong for prices.

 We expect minor correction in prices, which can be used as a buying opportunity. Trend reversal is expected only if we see a weekly close below 31,000 levels.


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