According to Sushil Finance, expect gold prices to trade sideways on the back of short covering after drop in prices.
Sushil Finance's report on Gold
Gold held near an earlier two - week high on Thursday after U.S. data on gross domestic product, jobless claims and regional business activity left traders' views on a stable economy unchanged and the dollar broadly steady. Leading global stock markets rose modestly in the wake of solid U.S. economic growth data and as investors digested the recent passage of a $1.5 trillion tax cut plan in Washington. This followed their move on Wednesday to the highest in nine months on optimism the U.S. tax overhaul would help boost growth and as economic data improves. Rising bond yields tend to lift the dollar and depress the appeal of non - yielding bullion. The U.S. House of Representatives took a step toward averting a partial government shutdown at the end of this week, approving rules to debate a bill that would fund federal agencies through Jan.19.Outlook
We expect gold prices to trade sideways on the back of short covering after drop in prices.
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