Gold Investment Strategy: Last year, gold prices reached a record high in 2020 and since then it has fallen by Rs 9399 per ten grams, which is about 17.68 percent. In the previous session, gold had reached a record high of Rs 46,400 per ten gram in the previous session and today the price fell in the Indian market. Gold June futures on the commodity exchange MCX fell by Rs 110, or 0.24 per cent, to Rs 46,252. Rolled over. Talking about the other precious metal silver futures, its May futures fell by Rs 234, ie, 0.5% to 66,400. MCX Gold prices reached a record price of Rs 56191 per ten grams in August last year, after which volatility has remained in its price. According to market experts, gold investors should formulate their own strategy with a target of 46,500 in the short term.
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US Fed’s positive for gold
Gold prices have so far dropped to 17.68 per cent from record highs. Although since then it has climbed above its lowest level of US $ 1686 but according to Bhavik Patel, Senior Technical Research Analyst, Treadbulls Securities, it could not maintain its momentum. Despite rising bond yields and inflation, the US Fed is in a hurry to not change its ultra-equitable monetary policy, which has led to gold prices rising to $ 1700. According to Patel, this outlook of US Fed is positive for gold. The US Fed has retained the decision to keep interest rates low for some time.
Investment strategy at 46,500 target
Patel believes that there is uncertainty in gold in the medium term. However, according to Bhavik Patel, the short-term trends are visible, they are bullish and according to this, investors should work on the strategy of buying gold at a lower level. He has advised investors that if gold prices go below 45700, then it will be the best level for investment. At this level, Patel has advised investors to set a target of 46,500 on a stop loss of 45,400 on purchases.
According to Kshitij Purohit, Head (Commodities and Currency), CapitalVia Global Research, MCX Gold prices can cross the level of 46 thousand to reach 46400-46700. According to Purohit, it will get support at the price of 45950-45800.
(Article: Surbhi Jain)
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