Where do we feel Gold has good Support?

POST AND VIEW COMMENTS


We are looking at a range of $540-550, which seems to be a very strong support level and we should see it slowly trading above $600-625 in next 1 month time.

The recent pull back, which we have seen in the last couple of days shows that people who had to take pain have taken it. They have cut their losses and we are seeing fresh money coming back in.

I think the allocation into these funds remains strong and, therefore, they are just looking for a chance now to come in and buy.

This correction has really pulled out the short-term speculative money but for the core long-term buyers, the funds that need to be allocated for 1-3 years continue to buy the metal.