Now Reading: Analysts split on gold path: Rs 160,000 target vs profit booking
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Analysts split on gold path: Rs 160,000 target vs profit booking
Analysts split on gold path: Rs 160,000 target vs profit booking
Gold prices have rallied sharply but analysts are divided on the near-term outlook. Jateen Trivedi of LKP Securities told Times of India that profit booking is likely, recommending a sell-on-rise strategy near…
The Story in Brief
Gold prices have rallied sharply but analysts are divided on the near-term outlook. Jateen Trivedi of LKP Securities told Times of India that profit booking is likely, recommending a sell-on-rise strategy near Rs 1,52,400-1,52,600 with a target of Rs 1,51,000. In contrast, Abhilash Koikkara of Nuvama said MCX Gold has broken out of a consolidation and is targeting Rs 160,000, with key support at Rs 149,000. For silver, Koikkara sees a target of Rs 251,000 and support at Rs 230,000. The contrasting views reflect uncertainty over whether the rally can sustain.
Technically, gold's RSI is around 62, suggesting momentum is positive but not accelerating. The broader trend remains constructive, but near-term resistance near Rs 1,53,000 could trigger a pullback. Analysts advise watching the Rs 149,000 level for gold and Rs 230,000 for silver as critical supports.
The Indian Opinion
Gold analysts are talking past each other. One sees a breakout to Rs 160,000; another warns of a drop to Rs 1,51,000. The truth likely lies in between. Investors should ignore the hype and watch the Rs 1,53,000 level in the coming sessions. A sustained close above that will favour the bulls; a break below Rs 149,000 would confirm the bears. Silver's fate also depends on industrial demand. No need to chase either metal at these levels.
Sources (2): timesofindia.indiatimes.com, timesofindia.indiatimes.com (2)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
