News India Live, Digital Desk: Gold Price Drop Alert: Gold prices have declined drastically in the last few days. On April 22, gold had reached the highest level of Rs 99,358 per 10 grams on the Multi Commodity Exchange (MCX), but since then it has fallen by about 7 percent. Now the situation is such that prices can be closed below the 50-day moving average, which will be the first time since December 2023. Technically, it can be a great sign that further decline in gold prices is possible.
The next few days are very important.
According to Axis Securities, given the current speed of gold, it appears that it has reached a significant turn. The period between May 16 and May 20 is very important as the major trend in prices during this period can be seen in reverse or new direction. The level of $ 3,136 in international markets is considered significant support and if prices go below this level, the fall may go from $ 2,875 to $ 2,950. Its effect can be seen in the Indian market up to Rs 88,000 per 10 grams.
Global economic signs
Many global reasons are also responsible for the fall in gold prices. In recent times, the possibility of cutting interest rate by the US Federal Reserve seems to be decreasing, which has changed the perception of investors. At the same time, gold has also weakened as a safe investment due to increasing income on bonds and global trade war effects. Investors are turning to other options due to lack of returns on gold and increase in interest rates.
gold price: Gold prices have declined drastically in the last few days. On April 22, gold had reached the highest level of Rs 99,358 per 10 grams on the Multi Commodity Exchange (MCX), but since then it has fallen by about 7 percent. Now the situation is such that prices can be closed below the 50-day moving average, which will be the first time since December 2023. Technically, it can be a great sign that further decline in gold prices is possible.
The next few days are very important.
According to Axis Securities, given the current speed of gold, it appears that it has reached a significant turn. The period between May 16 and May 20 is very important as the major trend in prices during this period can be seen in reverse or new direction. The level of $ 3,136 in international markets is considered significant support and if prices go below this level, the fall may go from $ 2,875 to $ 2,950. Its effect can be seen in the Indian market up to Rs 88,000 per 10 grams.
Global economic signs
Many global reasons are also responsible for the fall in gold prices. In recent times, the possibility of cutting interest rate by the US Federal Reserve seems to be decreasing, which has changed the perception of investors. At the same time, gold has also weakened as a safe investment due to increasing income on bonds and global trade war effects. Investors are turning to other options due to lack of returns on gold and increase in interest rates.
Gold is under pressure
After breaking a double-top support of $ 3200, gold may decline technically and its prices may fall from 87,000 to 88,000 rupees per 10 grams. However, long -term investors can also see this decline as an opportunity.
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