MCX Gold Price Decline Continues, Buying on Dips Recommended
The gold price on MCX has been declining over the past week and is expected to continue its corrective move through the sessions ahead. According to Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group, buying on dips remains the recommended strategy for this week.
Koikkara notes that gold prices are falling but sees support at Rs 225,000 level for silver prices. Below is his outlook for gold and silver prices:
The breakout level of 148,000 level from the formation and current weekly moving average on the mentioned level remains a crucial support to watch heading into the current week. A close below that level would invite further correction toward 144,000.
Conversely, buying on dips remains the advisable strategy for the week. On the upside, gold is likely to face resistance at 155,000 and a move above that level would negate the intermediate bearish bias and resume the bullish move.