Gold likely to remain in bears’ grip; slips 0.22pc on weekly basis

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Gold rates in Pakistan on Tuesday, 02 February 2021

After closing the last week on a slightly negative note by shedding $3.90 (-0.22 percent) on a week-on-week basis at $1,758.10 per ounce, gold’s techni-cal outlook remains bearish with the commodity failing to break above the 20-day simple moving average (SMA) for the 18th straight trading day.

Additionally, the relative strength index (RSI) indicator stays slightly below 50, confirming the view that sellers are looking to remain in control of gold’s action.

Overall, the gold price has shed around 4.5 percent during the last four weeks and there is a clear bearish shift in its outlook.
Meanwhile, the price of gold decreased by 0.31 percent in Pakistan during the last week. The price of 10 grams of yellow metal in Pakistan was Rs96,600 at the opening of the last week. —TLTP

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