The Gold prices may target Rs 30,000 in the coming week due to Indian demand boosted from the occasion Akshaya Tritiya and as such it would be a good idea to buy gold before the auspicious day according to our "MCX Tips" Experts.
Akshaya Tritiya Demand
Akshaya Tritiya is on April 24 expected to boost the Indian physical demand. As in India many gold dealers are protesting over the recent hike in gold import duties as physical gold demand "remains low. Recently Indian government has doubled the import duty of gold. But it is expected that demand will pick up in near term as the Akshaya Tritiya festival will be celebrated in late April and it is second-biggest festival for buying gold.
MCX Technical
In MCX Rs 2778600 is key support for gold and Rs 56658 for silver. The prices are expected to remain on firm footing and gold can test Rs 30150 in MCX while silver Rs 62310-Rs 63410 in medium term. It is very good time and opportunity for domestic buyers to buy gold before Akshaya Tritiya which will be on 24th of April.
Recommendation
Investors can take long term fundamental buy position in MCX Gold (June) contract at current prices with target of Rs 30,050 with stop loss of closing below Rs 28410.Contact our experts for providing you about Gold Investments and complete "Guidance for MCX"
Akshaya Tritiya Demand
Akshaya Tritiya is on April 24 expected to boost the Indian physical demand. As in India many gold dealers are protesting over the recent hike in gold import duties as physical gold demand "remains low. Recently Indian government has doubled the import duty of gold. But it is expected that demand will pick up in near term as the Akshaya Tritiya festival will be celebrated in late April and it is second-biggest festival for buying gold.
MCX Technical
In MCX Rs 2778600 is key support for gold and Rs 56658 for silver. The prices are expected to remain on firm footing and gold can test Rs 30150 in MCX while silver Rs 62310-Rs 63410 in medium term. It is very good time and opportunity for domestic buyers to buy gold before Akshaya Tritiya which will be on 24th of April.
Recommendation
Investors can take long term fundamental buy position in MCX Gold (June) contract at current prices with target of Rs 30,050 with stop loss of closing below Rs 28410.Contact our experts for providing you about Gold Investments and complete "Guidance for MCX"
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