Gold prices witnessed healthy gains in the domestic futures trade on February 28 as investors continued buying safe-haven assets avoiding riskier equities amid rising fears of coronavirus becoming a pandemic.

In the global markets, too, gold prices remained elevated as worries intensified that the rapidly spreading coronavirus could turn into a pandemic and derail global economic growth, media reports said.



Spot gold gained 0.2 percent to $1,645.79 per ounce and was up about 0.1 percent for the week.



On the Multi Commodity Exchange (MCX), April gold contracts were trading higher by Rs 229, or 0.54 percent, at Rs 42,614 per 10 gram at 0930 hours.



The Silver market has broken above the top of the Bollinger Band indicator, showing that we are well above two standard deviations of the norm.





That normally means that we are about to see a pullback. Ultimately, I do like buying pullbacks, but I also have to admit that a break above the $19.00 level would be extraordinarily bullish.





I’m bullish, but I also need to find a good entry price below and 47,900 looks good enough levels for buying.













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