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.
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.