We are bullish on gold and expect gold to test Rs 48,800- Rs 49,400 this week Gold prices started climbing steadily from the low of March 31, which came around $1680, but the momentum came when prices broke the psychological resistance of $1800 which saw short covering. After that, for a week, prices consolidated but are now moving up, breaking its immediate resistance of $1852 in COMEX. May 17’s gains ($29 rally) indicate that gold, at least for now, no longer remains range bound and has broken above its strong resistance level which occurred at approximately $1852, the 200-day moving average. Now Gold is trading at 4-week high on COMEX . The threat of rising inflation, coupled with economic uncertainty following disappointing US employment and retail numbers is prompting investors to find safe-haven assets again. Gold tends to outperform when economic data is weakening and underperforms when economic prospects improve. Falling of cryptocurrency market also helped gold in ...