"Gold is up almost $50 from its low point. Both technically and fundamentally it is in pretty good shape," Parsons said
In an interview with CNBC-TV18, Nick Parsons, head of research and strategy at ThomasLloyd shared his views on the road ahead for the commodity market.
Parsons said, "The commodity about which we can be most positive is in fact gold. Gold is up almost $50 from its low point. Both technically and fundamentally it is in pretty good shape and I do see scope for gold to move quite a bit higher."
If we look at the simple price chart of gold, then we have broken through on the upside of both the 50 and 100-day moving averages, Parsons said, adding that the 200-day moving average is still some way away up around $1,280.
In fact, the 50day average looks set to cross through the 100-day average by around the end of this month, he said.
The last time that this cross happened was in the opposite direction when the market was trading around $1270 back in the middle of May, he added.