Homevideos Newsmarket Newscommodities News

    Gold prices remain volatile; US stimulus package to determine if it’s a safe haven asset: RW Advisory's Ron William

    videos | IST

    Gold prices remain volatile; US stimulus package to determine if it’s a safe haven asset: RW Advisory's Ron William

    Mini

    Gold prices have been volatile for the past 2-3 sessions, down nearly $300 from the all-time high seen in the previous year.

    Gold prices have been volatile for the past 2-3 sessions, down nearly $300 from the all-time high seen in the previous year.
    Speaking to CNBC-TV18, Ron William, Market Strategist at RW Advisory, said, “From a behavioral trend perspective, gold has been unwinding from extreme historic highs. We have been in a consolidation pattern for some time now in a multi month range."
    "On the short term we have broken the lower side of that range – the number is at $1,760, likely technical support at $1,690 and $1,665. But essentially this could either be a short term correction which can be overdone in a matter of time as part of a long term buying opportunity both in absolute and relative terms.”
    However, he said that the US stimulus package will determine whether gold as an asset is a safe haven or not.
    “From an event perspective, the reaction to stimulus coming out later this week will give an opportunity to see whether gold will be behaving as a safe haven asset i.e. hedging some of this currency risk or whether it will also be building up some steam along with its commodity complex,” he said.
    Watch video for more.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    next story

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng