Gold rebounds on rising inflation.
Gold under bullish pressure today with investors going for the precious metal as a hedge against rising inflation in USA and elsewhere in the world. The strong stimulus packages introduced globally are expected to start adding to the inflation in the developed countries – with the mass vaccination programmes starting to have the visible effect on the covid-19 infection and death rates. The easing of the lock down restrictions would also add to the inflationary pressures globally – and gold is rising as a hedge against it. The latest upward reversal from the key support level 1765.00 also added to the technically driven bullish pressure on gold.
Expect buyers on downward corrections.
Next resistance to watch – 1825.00
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