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Copper, on daily scale, made ‘harami’ candlestick pattern which is a reversal formation
Intra-day volatility (VIX) is increasing in precious metals. On Tuesday, gold fell from Rs 53,999 to Rs 51,800 in a span of 30 minutes before recovering back to Rs 53,825. Silver also fell around Rs 6,200 in 30 minutes before recovering by Rs 5,700. The rally in gold and silver this week is helped by weak US Dollar (lowest since 2018) and 10 YR US Treasury yield which is trading around lowest in a week. $2000 seems to be strong hurdle for gold and if prices close back to back above $2000 this week, then the rally will be enough to test $2089 resistance. But if gold fails to close above $2000 this week, we may see another potential decline.
First Published: Aug 21 2020 | 08:10 AM IST