Gold touched an all-time high and is trading at ₹64500 after rallying nearly 5% in the last twenty days. (Price as per TradingView Future chart)
In December 2023, MCX GOLD made a high of ₹64063, which was later retested in January 2024. However later, GOLD failed to sustain the high price and declined by around 4 percent.
After making a low of 61193, the precious metal continued to rally, closing above its previous highs.
The reason behind rise in GOLD price
The strong bullish rally in GOLD can be due to the expectation of the US FED’s upcoming data. The market was earlier expecting that the FED would cut down on interest rates to empower economic growth.
However, the US job data was rather positive which might lead to reconsideration of rate hikes. This can lead to even higher inflation in the coming time, leading to even higher gold prices.
The market generally reacts due to future possibilities and hence the bullish rally on Gold in anticipation of higher inflation. Another factor can be a decrease in US BOND value, which makes GOLD more attractive to investors considering higher return potential.
Swing Trade Plan in MCX GOLD
A sweet spot for a long entry will be near ₹63600 at 38.20% Fibonacci retracement from the current high. Please note that all these prices are considered using TradingView’s Gold Future chart.
Gold price forecast
| GOLD FOrecast | Value (Rs) |
|---|---|
| Target 1 | 64,683 |
| Target 2 | 65,682 |
| Target 3 | 66,000 |
