Participation in gold has been increasing, amid the current price decline. However, overall participation continues to hover at lower levels, which sets the stage for a rally in gold once participation increases. We believe gold has become a favourable investment opportunity, at current price levels. Currently we are looking at a support levels at Rs 58,100-58,200 levels. However, a break below this support could open gold for a further downside. On the upside, gold may witness a rally up to Rs 59,500 levels.