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Is this a signal to invest in GOLD ?
One might wonder why central banks are focused on accumulating gold rather than other assets like silver or crude oil
Alok Jain
December 03, 2024
3 December 2024 · Tuesday
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Today’s Daily Byte
The market progressed even further up today, contrary to many market expectations that the market would go down. Instead, the market is doing exactly the opposite, and we need to follow the price. The large narrative that was playing around was on taxes. Today, death and taxes are the only two certainties of life.
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Is this a signal to invest in GOLD ?
Over the years, the Reserve Bank of India (RBI) has been gradually increasing its gold reserves. Since 2018, there hasn’t been a single year where the RBI hasn’t added to its gold holdings. Some years, the increase is about 20 tonnes, while in others it goes up to 60 or even 80 tonnes.
This consistent accumulation of gold reflects a global trend where central banks in many countries, like China, Russia, Turkey, and others, are also boosting their gold reserves. . . . .
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Importance of 200 DMA
On November 28th, the small cap index displayed a notable recovery after touching the 200-day moving average (DMA). The 200 DMA is a widely used technical indicator that helps identify potential support or resistance levels. In this case, the index fell from a high of 18,600, saw multiple dips and bounces, and eventually clipped the 200 DMA, around 16,600. After consolidating for a few days at this level, the index began to rise, demonstrating a classic case of 200 DMA support in action. . . . .
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