Last Updated : 18 April 2013 at 16:40 IST
Gold futures appear well on their way to stabilsation. However, experts advise investor caution even as there is a diversity in opinions.
Comex gold prices exhibited a steady trend with an upward bias and the futures as of 04.07 PM IST was seen trading at $1393.65 an ounce, a gain of $10.95 or 0.79%. It increasingly looks like the futures are stuck at those levels.
“If the current trend prevails for four days, then we may conclude that the markets have stabilised. But I don't rule out the possibility of after shocks,” said, V.K. Vijayakumar, Chief Investment Strategist, Geojit BNP Paribas, Kerala.
“The futures may not go down drastically from here,” he noted.
Meanwhile Martin Patrick, a Kochi based economist does not rule out intermittent dips going forward. “If the US stock markets remain subdued, then that would benefit gold price,” he said.
“If futures reach a level of $1410, then one can expect the prices to be stable,” he added. Still nothing could be said conclusively now as the markets keep all of us guessing, he pointed out.
John Godson, Technical Analyst with Commodity Online said that the MCX gold prices may chart an upside as the chart has exhibited a neutral flag.
“Prices may touch Rs.26500 by weekend on MCX,” he noted.
MCX gold futures for June delivery on India's Multi Commodity Exchange (MCX) is expected to remain sideways to bearish for the day.
“For intraday, support for the commodity is seen at 25300 while 26000 is the resistance,” said Amrita Mashar, Research Analyst at Commodity Online. “If prices break the level of 25300, then further down side movement is expected initially towards 25000 and below that, it can touch 24800 level,” Amrita added.
Better safe than sorry is what one can advice an 'aam-aadmi' investor.
Until the markets stabilise, one should take the initiative and stay away from the markets rather than stand a chance to lose hard-earned money.
No comments:
Post a Comment