Monthly Commodities Outlook - March 2021 - ICICI Direct

Gold to bounce towards Rs. 48000 amid safe haven bets

Positional Recommendation...

Buy Gold

Buy Gold mini (GOLDMI) April future around Rs. 45600-46000, Target: Rs. 48000, Stop loss: Rs. 44600

Rationale

MCX Gold prices have an immediate strong support around Rs. 45200 level. As long as it sustains above this level we may see a bounce towards Rs. 48000 level in the coming weeks as recent risk-off sentiments may revive safe haven bets for bullion along with upcoming announcements of further stimulus measures by the newly elected US government that may support gold as a perfect hedge against possible inflation.

For details, click on the link below: https://www.icicidirect.com/mailimages/CommoditiesOutlook.pdf

Source : Equity Bulls

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