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Trading strategies for Gold and Aluminum by Bhavik Patel of Tradebulls Sec

Low interest rate is also making gold an attractive bet. We might see inflation coming up in 2021 so that will also be another positive factor for gold

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commodity trading | Commodity picks | Market technicals

Bhavik Patel  |  Mumbai 

Gold hit seven week high on Monday | Photo: Reuters
Gold hit seven week high on Monday | Photo: Reuters

In 2020, prices were up by about 27 per cent while gained around 50 per cent. The Georgia runoffs will present the next key risk for and risk trades in general. Weakness in the US dollar continues to push prices higher. Low interest rate is also making gold an attractive bet and in 2021 we might see inflation coming up so that is also another positive factor for gold. Gold hit seven week high on Monday. The importance of today's gains has to do more with follow-through buying after a stellar performance yesterday, rather than traders moving in to quickly take profits. Usually after such short run up in gold, money managers and professionals quickly use the opportunity to take profit but since that did not happen, it implies that the majority of market participants are overwhelmingly bullish. The push above $1900 showed buyers in action and now needs to break $1960 on the upside.

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First Published: Thu, January 07 2021. 08:46 IST
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