Gold Prices Find Support at ₹1,50,000, Rally Expected
Precious metals prices have been declining in recent weeks, with gold and silver dropping by 0.6% and 0.2%, respectively.
In the domestic market, gold futures (₹1,52,767/10 gm) lost 2.2% and silver futures (₹2,37,658/kg) declined by 2%. The MCX-Gold (₹1,52,767) price fell to ₹1,49,665 on Wednesday but rebounded due to support at ₹1,50,000.
This is a significant level as it coincides with the 50-day moving average and the 61.8% Fibonacci retracement of the recent rally. As long as this base remains valid, the outlook for gold futures will be positive.
According to research by BL Research Bureau, the rally in gold futures can resume, potentially surpassing the prior high of ₹1,64,773 and reaching ₹1,67,000. However, if the contract breaches the support at ₹1,50,000, the downswing could extend to ₹1,44,000 or even lower.