Gold, silver cool off after sharp correction. Is it a good chance to buy?
India Today
Gold and silver have corrected sharply after record highs. Is this the right time to buy or a warning sign? Here is a simple breakdown of what it means for you.
Gold and silver recently hit record highs. Then they corrected sharply. Now prices are moving in a narrower range. That may sound worrying, but according to Ponmudi R, CEO of Enrich Money, this phase looks more like a pause after a strong rally rather than the end of the trend.
Let us break it down in the simplest way possible.
Gold on the Multi Commodity Exchange of India (MCX) had climbed close to Rs 1,80,000 to Rs 1,81,000 before correcting to the Rs 1,55,000 to Rs 1,60,000 range. A correction simply means prices have cooled off after rising too quickly.
Ponmudi says strong buying interest is seen around Rs 1,45,000 to Rs 1,50,000. In market language, this is called a support zone. In simple terms, it is a price band where buyers usually step in and prevent further fall.
If gold moves decisively above Rs 1,60,800 again, it could attempt another rally towards Rs 1,65,000 to Rs 1,75,000.
The broader trend, for now, still looks positive.
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