June 02, 2020
Spot gold may break resistance at 1743 per ounce and go higher towards May 18 high of $1764.
Long lock down worldwide, due to Corona Virus, gives sufficient dent to world economy. Although lockdown is almost over but normalisation in business activity may take few more months.
On the daily chart, the bearish divergence on the RSI does not support a strong gain, instead, the gain may be limited to $1,767. Only when RSI goes above 70, could a very bullish scenario be confirmed.« Back to News & Reports List