Surprisingly gold maintains upward trajectory
A bull flag pattern that’s developed on this commodity! Recently, Sandip Raichura, CEO - Retail Broking and Distribution, Director - PL Broking and Distribution said, “Since our last piece, gold has inched upwards overtaking the USD 2700 mark and hitting almost USD 2760. Even in domestic markets gold is now ruling at above 77k per 10 grams as Diwali gets closer. There is a bull flag pattern that’s developed on this commodity contrary to expectations and therefore further momentum is staying unabated. Surprisingly gold has maintained its upward trajectory despite a cooling off in tensions in the Middle East as well as the USD rise – which should typically be negative for gold. One suspects that the two key pivotal data points – which may not have come to the fore for now for gold - may be the Initial Jobless Claims report on 24 October, Thursday – where a stronger economy would mean negative trigger for gold – and of course the US elections which are just around the corner a