By Admin 
Gold Price: Gold prices have seen a strong decline in the last few days. On April 22, gold was at a high level of 99,358 per 10 grams on the Multi Commodity Exchange (MCX), but since then it has declined by about 7 percent. Now the situation is becoming such that prices can be closed under the 50-day moving average, which will be the first time after December 2023. This can be technically a major indication that further decline in gold prices is possible.
Next few days important
According to Axis Securities, it seems that it has reached a significant turn. The time between May 16 and May 20 is very important because during this time a big trend can be seen in the price reversal or new direction. The level of $ 3,136 in international markets is considered a significant support and if prices go below this level, this decline can go from $ 2,875 to $ 2,950. Its impact in the Indian market can be seen up to Rs 88,000 per 10 grams.
Effect of global economic signals
Many global reasons are also responsible for the falling prices of gold. In recent times, the chances of cutting interest rates from the US Federal Reserve seem to be decreasing, which has changed the perception of investors. Along with this, gold has weakened as a safe investment due to increase in bond yields and decrease in the apprehensions of global trade war. Investors are turning to other options in the event of not getting returns in gold and increasing interest rates.
Gold is under pressure
According to Augmont report, gold may fall technically after breaking a double-top support of $ 3200 and its prices can come from Rs 87,000 to Rs 88,000 per 10 grams. However, long -term investors can also see this decline as an opportunity.
Technical level in domestic market
Augmont report also describes some important levels for the Indian market. According to this, gold is getting support at Rs 92,000 per 10 grams, while the level of Rs 94,000 is a kind of resistance for it. Although it is trading in a limited range, the market notion remains negative at the moment and there is a possibility of further decline in it.
Long -term attitude still strong
Experts believe that even though there is pressure in the short term, the basic strength of long -term gold remains intact. He said that if global economic conditions improve rapidly by expecting and the need for risk -free investment decreases, then there may be another major decline in gold. He estimated that in this situation the gold could reach $ 3000 to 3050 $ 3050.
What is the strategy for investors?
In view of the current environment, investors will have to be cautious. For those who have a short term, this time can be risky. At the same time, this decline can prove to be an opportunity for long -term investors. Experts are of the opinion that investors should closely monitor international signals, policies of Federal Reserve and technical levels and should not take any decision in a hurry.
Also read: Turn in United States and Russia! India has a chance, billions of dollars can come in the vault