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PRECIOUS METAL: Yellow metal prices stretched losses on Friday and were set for their sharpest weekly decline in nearly seven years as traders sold bullion to meet margin calls in other assets hit by terror over the coronavirus. We had stock and bond markets dropping, indicating an intense liquidity crisis. People have to square off their Bullions positions. It's not just bullions - the threatening marks were there crossways all asset class including the currency markets also as the dollar is getting stronger. A collapse in world markets extended after the European Central Bank alleged back on rate slashes on Thursday and as Washington deferred travel from Europe. Central banks have taken actions to moderate their economies from the pandemic, which has infected over 127,000 people around the globe. U.S. Federal Reserve delivered immense liquidity booster on Thursday, having slashed its benchmark interest rate last week.

CountryPrevious CloseToday 's Close% Change
CURRENCIES
USD/INR74.5773.85-0.966
GBP/INR93.74492.374-1.461
EUR/INR83.3982.38-1.211
JPY/INR71.2968.95-3.282
 
MCX Gold slump more than 1.33% and opened at 41646 and recovered back to 42069. Currently it is trading at 41820, on the hourly chart it is trading below 20 DMA. RSI is at 46.18 levels which is not giving any sign of divergence. Gold price is trading below its super trend level which is indicates negativity in Gold prices. Gold can be trade in the range where support level is around 41280 and upper side 42150 as resistance level.
Market Decode

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