Trading strategies for gold and zinc by Tradebulls Securities

Gold has made double bottom around 44,150 and bounced back sharply

Gold

Gold futures closed fractionally higher on Tuesday on the back of US dollar weakness. Gold sentiment had clearly soured as gold saw first quarterly drop in more than two years. Gold rebounded from nine-month low on Friday as the US dollar started retracing back after unveiling of President Joe Biden's $2.25 trillion stimulus plan that would be paid for by a corporate tax increase. In hindsight, gold prices have held up relative well despite the bearish sentiment as it has again moved above $1,700 in COMEX. From a contrarian point of view, gold has pretty nice set-up as nobody wants