As we seen the major weak conditions on the commodity prices in the previous year 2015, the year has shown a major downfall in gold & oil prices. The commodity prices & its currency continues to remain bearish condition as it accumulates negative profits. While today it currently trades at 1069 level while we predict the negative phase is over for time being. As shown in the figure below that shows a major uptrend in the market after straightaway losing more than 25% of gold prices in the year 2015, that has major downtrend phase in the market.
Table 1.1: Gold Price today
Today uptrend has garnered a positive response among the trading community while the resistance level 1072.20 level. As per the analysis, we predict a bullish view on gold prices.
Analyst View: “Strong Buy”
Dhruv Williams – Analyst