According to Sushil Finance, expect gold prices to trade positive on the back of short covering after drop in prices.
Sushil Finance's report on Gold
Gold rose for an eighth straight session on Wednesday as a weaker U.S. dollar encouraged investors to buy, and palladium hit another near 17 - year peak on expectations of strong demand and short supplies. The dollar was down against the euro. Traders said there was little news to support the euro's rise, though some investors have positioned for a possible strengthening in the single currency going into the new year, following a stellar 2017, its best year versus the greenback since 2003. The greenback's decline bolsters bullion and other dollar - traded commodities, making them less expensive to holders of other currency. Gold is up 10 percent this year, on track for its biggest annual rise since 2010. Weakness in the dollar, concerns over North Korea's nuclear program, and receding expectations that U.S. interest rates would be raised quickly all boosted bullion.Outlook
We expect gold prices to trade positive on the back of short covering after drop in prices.
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