Experts are of the view that Gold witnessed its best week in the last 12 years and the rally is likely to continue. Investors could deploy buy on dips approach.
The precious metal is likely to remain volatile but experts say investors should maintain a buy-on-dips approach amid profit-taking at higher levels.
Experts feel that investors should deploy a buy on dips strategy with resistance firmly placed near 42000 levels on the MCX Gold.
Experts feel that Yellow metal is likely to remain volatile in the near-term, and could find support near Rs 40,440 per 10 gm, but it still remains a buy on dips strategy.
Gold price could remain volatile in the near term due to weak rupee, and stimulus measures introduced by global central banks. Gold could trade between the range of 40920-41500 levels, suggest experts.
Experts say the volatility is likely to continue but investors can use the dips to buy the yellow metal with an initial target of Rs 40,500.
Experts are of the view that profit booking in Gold prices is likely to continue, and the yellow metal could find some support near 38,300 levels, suggest experts.
Experts are of the view that volatility is likely to remain for some more time in Gold. The precious metal has strong support at 38,400-39,000 levels.
MCX Gold prices are expected to be traded in the range of 38500-42400 and silver prices are expected to be traded in the range of 38800-43500 levels.
Gold gained around 7 percent last week and this was the biggest weekly gain in gold in the last 11 years, and the rally could well continue and investors should use the dip to buy, suggest experts.
On MCX, April gold contracts were trading higher by Rs370, or 0.87 percent, at Rs 43,036 per 10 gram at 0920 hours.
Gold is likely to touch levels of $1700/ounce in the year 2020 and it is a buy even at the current levels if investors are considering it from a long-term perspective.
RSI & MACD are signalling volatility. For the day, 41550-41675 will act as resistance and 41,275-41,125 as supports.
On MCX, April gold contracts were trading lower by Rs70, or 0.17 percent, at Rs 40,586 per 10 gram at 09:20 hours.
Gold price could retest 40,700 per 10 gm but could face selling pressure at higher levels, suggest experts. Investors could use rallies to go short with a target of 40,320, they say.
On the MCX, April gold contracts were trading higher by Rs 14, or 0.03 percent, at Rs 40,424 per 10 gram at 0920 hours.
On the MCX, April gold contracts were trading lower by Rs 211, or 0.52 percent, at Rs 40,468 per 10 gram at 0920 hours.
Experts are of the view that as long as Gold prices sustain above 40,500, the rally could extend towards 40,820-40,920 levels
RSI & MACD are signaling basing range moves. For the day, Rs 40,250-Rs 40,350 will act as resistance, whereas Rs 40,025-Rs 39,900 as supports.
On the MCX, April gold contracts were trading higher by Rs 148, or 0.37 percent, at Rs 40,123 per 10 gram at 0920 hours.
Experts feel that traders could look at buying the yellow metal around 40,500 levels for an upside target of 41000 per 10 gram. But, there could be some stiff resistance near 40,875 levels, they say.