Gold Prices May Witness Support At Lower Levels: Religare
CommodityOnline | May 02, 2014 08:25AM ET
Gold prices witnessed heavy corrections in the month of March this year as it came down from above Rs. 30,000/10 gms to sub 28000/10 gms levels during the first week of April month, however bargain hunting at lower levels gave support to the prices at lower levels. Also a handful of mixed fundamentals are signaling long term investors to initiate buying at current levels, wherein 27500/10gms is a good support emerging for gold prices at MCX, while $1260-1250 per ounce is the standing support emerging at COMEX. A sustained closing above Rs 29200/10gms mark may provide enough impetus to the counter to take it higher towards Rs30500-30800/10gms in the immediate short term and levels of around 32500-33000/10gms in medium term. With bulls yet to emerge in the market, we recommend the approach of staggered buying in gold starting at current levels to eye above mentioned higher levels as targets till next Akshaya Tritiya.
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