Gold hits lifetime high

Bullion has always been the savior at times of distress in the economy. The sharp rise seen in the last 10 days has seen a phenomenal run of more than 10%. The rise seen is largely due to the tension that has sparked off due to weak global cues. The last few sessions have seen the prices stalling at 60000 where there is a confluence of resistance zones.

As one can see in the chart the strong run into the Fibonacci resistance as well as the upper end of the Regression channel indicates that the prices may cool off or slip into a sideways phase.This could now trigger some positive impact and help the equity market to reduce the bearish pressure that we have been witnessing for the last few days.