Cryptocurrency crash will support rally in gold: Bhavik Patel of Tradebulls

We are bullish on gold and expect gold to test Rs 48,800- Rs 49,400 this week

Gold
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Gold

Bhavik Patel Mumbai
Gold prices started climbing steadily from the low of March 31, which came around $1680, but the momentum came when prices broke the psychological resistance of $1800 which saw short covering. After that, for a week, prices consolidated but are now moving up, breaking its immediate resistance of $1852 in COMEX. May 17’s gains ($29 rally) indicate that gold, at least for now, no longer remains range bound and has broken above its strong resistance level which occurred at approximately $1852, the 200-day moving average.

Now Gold is trading at 4-week high on COMEX. The threat of rising inflation,

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First Published: May 20 2021 | 8:02 AM IST

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