Gold touched an all time high of $1,500/oz in yesterday's session bolstered by weaker dollar and investor worries about lingering sovereign debt problems in Greece.
Precious metals are given attention by investors amid geopolitical tension and rising inflation. Euro moved higher versus the dollar, but debt problems in the euro zone kept investors cautious of the single currency.
The dollar index a measure of the greenback against a basket of currencies, softened towards its 16-month low hit last week, boosting the appeal of gold in non-dollar denominated currencies.
The current global scenario is consistently supporting gold and we don't find any reason to sell in short term except the risk of sell off at high levels as market is loaded with long position.
Resistance for yellow metal can be provided by the level of Rs21880/10gm.
