Gold strategy on February 21: Support at Rs 84,800, Resistance at Rs 87,770

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Gold strategy on February 21: Support at Rs 84,800, Resistance at Rs 87,770 - Business Standard

Quick Summary:

President Trump said he will announce tariffs on cars, semiconductors, chips, pharma and probably lumber as soon as the next month as he is looking at a 25 per cent tariff on lumber and forest products.

The US data released on February 20 were mixed as Philadelphia Fed business outlook at 18.1 was better than the expected reading of 14.30 but decline from the prior reading was quite steep.

Decline in the New York premium over London to more normal levels is yet another point of caution for gold bulls.