Gold price rebounds after retracement. Experts say good buying opportunity

According to commodity market experts, gold prices are on a bullish trend as rising crude oil prices have raised global inflation concerns to alarming levels, prompting the Bank of England to hike interest rates by 25 bps. has been forced. Similarly, the European Central Bank and the US Federal Reserve remain adamant on a hike in interest rates, but the recent appreciation in the euro and pound against the US dollar (USD) is likely to support further upside in gold prices. He said that the US is pressurizing OPEC countries to increase oil drilling, but OPEC countries cannot comply with the demand of the US government because their drilling costs have become too high that the increase in crude oil will give them less oil. This will help in minimizing the damage caused. increase in prices and their drilling cost.

Speaking on the gold price outlook; Amit Sajeja, vice president of research at Motilal Oswal said, “The outlook for gold price is positive and any fall in gold price should be seen as a buying opportunity. The spot price of gold for the past one month is $1780 per dollar.” Ounce, which indicates. Immediate support for spot gold price is a strong support for the yellow metal. It now has a strong resistance at the level of $1855. Hence, gold price in the international market these days and once trading at the level of $1780 to $1855 per ounce. If it remains above the level of $1865, it may soon move to the level of $1900 to $1910. Therefore, those who have short term Vision, they can book profit around $1855 level, while those having medium to long term outlook should wait for next breakout at $1865 level, which is expected by the end of one month.”

Amit Sajeja of Motilal Oswal said Goldman Sachs is also bullish on gold prices this year as it has upgraded its spot gold price target to $2,100 an ounce level.

On Domestic Gold Price Outlook; Anuj Gupta, Vice President, Commodity & Currency Trade, IIFL Securities said, “After the retracement last week, gold prices are expected to bounce back as the rise in crude oil prices is expected to push global inflation to dangerous levels. With crude oil prices falling above the level of $90 a barrel, various central banks including the US Fed may not work on raising interest rates and hence the price of gold may move north. 47,200 per 10 g level while it has immediate support 47,600 per 10 grams. can buy gold around 47,900 48,000 level for immediate target of from 48,700 48,800 per 10 grams level. Once gold price breaks this barrier on CMX, it could go up from 49,200 49,300 per 10 grams in a month from next 15 days.”

Anuj Gupta of IIFL Securities said that the US government is pressurizing OPEC countries to increase oil production but OPEC countries are unlikely to follow the shoot. He said that OPEC countries have increased oil drilling cost and hence increase in crude oil prices is favorable for them and hence they cannot agree to increase oil production.

Speaking on the triggers, which will boost the gold price in the near term, Amit Sajeja of Motilal Oswal said, “Euro and pound make up almost 70 per cent of the dollar index. Bank of England recently hiked interest rates by 25 bps. While the European Central Bank has also announced. Fresh on interest rate hikes. This has led to a sharp jump in the euro and pound, which has led to a fall in the dollar index. This is expected to boost the price of gold in the near term as The demand for the US dollar has eased and it could remain in the heat of a sell-off in the near term.”