Gold Price, Rupee and Equity Markets II Technicals explained
Prices took strong support in the last session and recovered from a sharp decline in the previous session, as investors cheered a Democratic win in the US Senate race that is expected to unleash more fiscal stimulus. Hence, ICICI Securities expect gold prices to remain positive towards Rs 51300 level in the short-term.
The daily price action formed a bear candle carrying higher high-low, indicating extended breather as profit booking seen in recently ran up stocks after scaling a fresh all-time high of 14256: Reuters