The current price around ₹75,000 appears to be forming a base, supported by recent price action and historical demand zones.
Strong rejections below ₹74,500 in the past indicate buying interest around this level, suggesting this could be the bottom of the recent correction.
Volume trends also suggest accumulation is underway, with downward moves on low volume and upward moves on high volume — a bullish sign.
With inflation still a concern globally and potential rate cut whispers from the U.S. Fed, gold remains attractive as a hedge.
Domestically, marriage season, Akshaya Tritiya, and jeweler restocking in May–June could drive physical demand.
Any weakness in the Indian Rupee against USD would further boost MCX gold prices.
Final Target ₹86,048
Wait till June End
Strong rejections below ₹74,500 in the past indicate buying interest around this level, suggesting this could be the bottom of the recent correction.
Volume trends also suggest accumulation is underway, with downward moves on low volume and upward moves on high volume — a bullish sign.
With inflation still a concern globally and potential rate cut whispers from the U.S. Fed, gold remains attractive as a hedge.
Domestically, marriage season, Akshaya Tritiya, and jeweler restocking in May–June could drive physical demand.
Any weakness in the Indian Rupee against USD would further boost MCX gold prices.
Final Target ₹86,048
Wait till June End
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