Spot Gold Forecast [March 15 – 19, 2020]
Gold Uptrend Forecast : Gold forecast march An uptrend will start as soon, as the market rises above resistance level $1742, which will be followed by moving up to resistance level $1782.
Gold Downtrend Forecast : An downtrend will start as soon, as the market drops below support level $1690, which will be followed by moving down to support level $1649 and if it keeps on moving down below that level, we may expect the market to reach support level $1580.
Gold Loses Shine, Rates Decline Nearly 21% From Record Highs
Gold futures on the Multi Commodity Exchange (MCX) have declined and have reached the 12-month low levels. The April contract of gold mcx futures was at Rs 44,458 per 10 gram, lower by Rs 83 or 0.19 per cent from its previous close. It is Rs 11,742 lower than the record high of Rs 56,200 reached in August last year.
Talking to IANS, Nish Bhatt, Founder & CEO of Millwood Kane International, an investment consulting firm said, “After having a dream run in 2020, the yellow metal has been falling for the past few months losing more than 20 per cent in value from the highs witnessed in August 2020.”