Gold price today: As correction hits nearly Rs 1,200-mark, check out this money-making strategy

Gold price today corrected more than Rs 1000 per 10 gm at the Multi Commodity Exchange (MCX). After making a new peak of Rs 47,929 per 10 gm yesterday night, gold price MCX went through heavy profit-booking in the early morning trade after the newsbreak of success in Coronavirus vaccine testing on humans in the US. According to bullion experts, gold price in international market is at around $1,730 per ounce levels and it may further witness profit-booking pulling Comex Gold at around $1,700 per ounce levels. They suggested bullion investors to enter at this levels for the target of $1,790 to $1,800 per ounce. In domestic Indian markets, they predict Rs 51,000 per 10 gms in the next gold rally, provided it sustains above the $1,750 levels.

Speaking on the gold price correction today at MCX Anuj Gupta, Deputy Vice President at Angel Broking said, "This correction of around Rs 1,200 per 10 gm in gold price is mainly due to the newsbreak of success in the Coronavirus vaccine test on humans in the US. This led to rise in the Wall Street equity indices and profit-booking trigger among the bullion investors." Gupta said that overall the gold price sentiment is still positive and once it comes to the tune of Rs 46,000 to Rs 46,200 per 10 gm levels, one can again enter with a fresh buy position for the immediate target of Rs 48,000 per 10 gm in next fortnight.

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Highlighting the major levels in the gold price in the international market, Amit Sajeja, Research Analyst at Motilal Oswal said, "Gold price has strong resistance at $1,750 per ounce levels while it has support at $1,680 per ounce. So, if the gold price further comes to the tune of $1,700 per ounce levels from its current $1,730 per ounce levels, one can again enter with fresh buy position as the gold price is still bullish." 

Sajeja said that if the gold price in international market sustains above $1,750 per ounce levels, then we can expect it to hit $1,790 to $1,800 per ounce levels. On gold price at MCX, Sajeja said that it can go up to its recent peak of Rs 47,929 but if the gold price in international market manages to sustain above $1,750 per ounce levels, then we can expect the gold price at MCX to hit Rs 50,000 to Rs 51,000 per 10 gm mark.