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Commodities outlook & trading strategies by Bhavik Patel of Tradebulls Sec

If silver can break above the $26 level, then it is likely that the market goes looking towards the $27.50 level, and then eventually the $28 level

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There are signs of bullish momentum in Silver after witnessing formation of 'hammer' candlestick pattern

Bhavik Patel Mumbai
Gold market is consolidating right now and despite the US dollar slumping, gold has failed to recover. Gold lacks clear directional bias despite an improved risk appetite and weakness in the US dollar. The impeachment of ex-US President Donald Trump is not happening soon so that news is out of the way but next trigger for gold would be US President Joe Biden's fiscal stimulus. Large precious metals speculators increased their net long positions in the Gold futures markets marginally last week. Gold has support at 48,500 in MCX as that is the level that has not been breached since

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First Published: Jan 28 2021 | 8:17 AM IST

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