Gold Price Outlook 11 September: As prices fall, buying opportunity arises at these levels; check NOW!
Once again there has been a big fall in the Gold and Silver prices. Currently, MCX Gold Future prices are down by Rs 400 while silver prices have tanked by Rs 1000. There could be a further fall in the price of gold, though the trend is from neutral to bullish, Naveen Mathur, Director Commodity and Currency at Anand Rathi told Zee Business
Once again there has been a big fall in the Gold and Silver prices. Currently, MCX Gold Future prices are down by Rs 400 while silver prices have tanked by Rs 1000. There could be a further fall in the price of gold, though the trend is from neutral to bullish, Naveen Mathur, Director Commodity and Currency at Anand Rathi told Zee Business.
The trend in gold is bullish as the economies across the world are not doing well, Mathur said.
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Currently the trend for risk aversion is not there, because of which the gold prices shot up to Rs 56000. He advised buying on dips at levels around Rs 51,000-Rs 51,100. He puts the stop loss at Rs 50,800. He puts the target price at Rs 51,600.
Taking a slightly contrarian view, Aditya Pethe, Waman Hari Pethe Sons said that he expected the upward trend to continue. He said that the trend is bullish from the point of view of investors in the long term. Though there could be some hiccups. He said that he still does not see recession in Gold and silver buying. There could be a 15-20 per cent uptick in gold, he added.
Another panellist, Suganda Sachdeva of Religare Broking said that the precious metal was undergoing a consolidation phase. She said that the MCX Gold futures have a strong support around Rs 50,500. The prices will continue to move upwards till the time this level is sustained, she said.
As for the intraday trade, she advised buying at the levels arounf Rs 51280-Rs 51300. She puts the stop loss at Rs 51000 and the target price at Rs 51800.
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As for positional trade, panellist Navneet Damani of Motilal Oswal has a negative view for the next week. He said that if the prices settle below Rs 50,400, there could be a further correction of Rs 1000-Rs 1200. He said that there could be a buying opportunity at between Rs 49,000-Rs 49,500.
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