Hi Hitesh sir,
I wanted to know what is view on GOLD as of today.
The GOLD Futures chart is trading at ATH.
CFDs on Gold (US$ / OZ) chart: heading towards the resistance at around 2073.
Fundamentally speaking,
- The bull phase started with USA blocking FX reserves of Russia due to Ukraine war. This made other countries question that if someday they are against USA, will the same happened with them?
- Q3 2022 was record purchase of gold by the central banks.
- Further, if FED stops rate hike money might flow from debt instruments to higher yield alternatives like GOLD and Equities (Historically this has happened as well).
- De-dollariszation: new currency could have some backing of gold.
Regards,
Arjun Badola
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