Despite the recent selloff, Ponmudi R, CEO of Enrich Money, described the correction as a phase of consolidation rather than a structural reversal in trend. “COMEX Gold is trading near the $4,850–$5,000 zone after correcting sharply from recent highs above $5,500–$5,600. The broader uptrend remains intact, with the pullback reflecting profit booking and healthy price digestion,” he said.
He added that strong buying interest is visible in the $4,700–$4,800 support band, and sustained stability above this range could support further upside. According to him, a breakout above $5,100–$5,200 could open the path towards earlier record highs.
On domestic markets, Ponmudi noted that MCX gold futures are currently trading in a lower band after a steep correction from recent peaks. “MCX Gold futures are trading near the Rs1,49,000–Rs1,55,000 zone after a sharp correction from record highs around Rs1,80,000–Rs1,81,000. While the earlier rally led to overextended momentum and profit booking, the broader bullish structure remains intact,” he said.
(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)