Gold MCX Tips Today: Monday, May 3 is the first market day of the month and a poll has been conducted to know how much the rate of the yellow metal can spike in this month. That the price of the metal can reach up to anything between Rs 48,000 to Rs 50,500 by the end of May.
Gold MCX Tips Today: All Target Hit 47110 To 47450 | Neal Bhai Reports
Speaking on trading strategy for the month of May, Kishore Narne from Motilal Oswal said that gold price will keep on increasing.
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He said that the market is considering two things – the rise in Covid cases in India and Japan and due to this, a minor negative sentiment is there in the broader financial markets.
Secondly, one more stimulus package will come from the Biden government which will maintain the flood of liquidity, he added. He said that the first-quarter data of Chinese physical demand has almost doubled compared to the last year of the same quarter. Last year in the January-March quarter China went into strict lockdown.
The major consumption nations like China and India are still going through partial lockdowns for unessential items like jewellery shops etc. As the nation will start moving towards the recovery the pent up demand will come, he added.
Considering these three reasons the target of Rs 49,500 for the month of May has been given but for the long term, a target of Rs 52,000 to Rs 54,000 can also be reached in the coming 4-6 months, he said.
Sugandha Sachdeva, Religare Broking said that several factors like the fiscal stimulus and the accommodative stance by Federal Reserve are going to support gold prices. In addition to this, the rising coronavirus cases in India are a cause of concern and will impact the path of economic recovery.
She added that we are also approaching the festival of Akshaya Tritiya and though there are partial lockdowns online buying will come.
Speaking for today’s strategy, Kishore Narne said that people can buy around Rs 46,900 and can keep a stop loss at around Rs 46,770 for the target of Rs 47,300.