Experts told the fall in the price of gold as a golden opportunity


In the Multi Commodity Exchange (MCX), the price of gold fell by Rs 108 per 10 grams to close at 47,526 per 10 grams. According to commodity experts, the fall in gold prices is an opportunity for its buyers as the overall outlook for gold is still bullish. 

How far will the price of gold go in future
Speaking on the price of gold, Sugandha Sachdeva, Vice President, Religare Broking Limited said, "The outlook for gold is still bullish and any fall in the price of gold should be viewed as an opportunity by its buyers till the price of the precious metal crosses above Rs 46,500 per 10 grams. The trigger that has worked in favor of the gold price rally in the long term is the rising concern about global inflation, which is likely to persist."
 
Short term price expected to cross 48,000
Anuj Gupta, Vice President, Commodity and Currency Trade at IIFL Securities, gave the price of gold for the short term. said on the forecast of, "Gold price is bullish as long as it is not trading at $1750 per ounce level and MCX level. The price of gold has strong support from around Rs 46,500 to Rs 46,200 per 10 grams. So buy on dips strategy should be maintained as gold price is expected to go up to Rs 48,500 per 10 grams in short term."

Buy on Dips strategy with Stop
While on the long term, Sachdeva said, "Gold price on MCX has strong support at Rs 46,500 and on downside one should continue buying gold till it crosses above Rs 46,500 per 10 grams. On the other hand it crosses the level of Rs 48,500 then we can expect to see gold price MCX at Rs 52,500 by Diwali 2021. So my advice to gold buyers is to keep buying on dips strategy with strict stop "
 

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