ICICI Direct: Commodity Outlook - Gold To Rise Towards Rs 49,500 Amid Dollar Weakness
Gold prices may rebound to Rs 49,500/10 gm due to a weaker dollar and amid surging coronavirus cases in the U.S. and Europe.
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ICICI Direct Report
Gold prices have an immediate strong support around Rs 47,500 level.
As long as it sustains above this level we may see a bounce towards Rs 49,500 level supported by a weaker dollar and worries on surging coronavirus cases in the U.S. and Europe.
Along with that, massive amounts of stimulus into the economy have raised concerns on higher inflation.
Therefore, we expect gold prices to recover from current levels towards immediate resistance of Rs 49,500 in the coming weeks.
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