Stock name: Gold

Pattern: Bearish Flag

Time frame: Daily

Observation: Gold is in a sideways trend since August 2020. It tried to make a rounding bottom but failed and the prices fell sharply, about 14% from the top. Currently it is making a bearish flag and once the price breaks down from the flag, price travels the distance equal to the size the pole, distance (conservative) being taken from the top of the flag. Also, if we observe, price has broken an important support trendline which was getting respected since August 2021.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Piramal Alternatives plans to raise $1 billion from a group of global investors. Launched about a year ago, Piramal Alternatives is an arm of Piramal Enterprise. It runs multiple funds to support the capital needs of mid- to large-size Indian companies that need bespoke capital solutions unavailable at traditional financing sources.

2) LIC has increased its stake in Hindustan Unilever Ltd, Hero MotoCorp and NBFC Capri Global Capital through open market purchases over the last few months, LIC said in a regulatory filing on Tuesday.

3) According to Mint, Ministry of Petroleum and Natural Gas has asked PSU oil & gas companies to come up with new plans for asset monetisation and submit the same. Earlier, the original plan was to monetise pipelines through InvIT.

4) The country’s largest lender, SBI has hiked interest rates on retail term deposits by 15-20 basis points on some tenors, with effect from 14 June. Private sector lender IDBI Bank also hiked interest rate on retail term deposit of less than Rs. 2 crore by 10 - 25 bps depending upon the tenor, with effect from 15 June.