Be Bearish on Gold
for this entire year probably much lower targets from here. But last
time also before Akshaya Tritiya basically once the fall came in, in the
first fall typically investors or buyers tend to buy because there is a
lot of accumulated money, which has been there waiting on the sidelines
for a dip to buy. So most of this buying has been jacked up into a
couple of weeks at that point of time.
After the consolidation, now we are seeing the second round of selling
coming up. Normally people do not come back to the markets because the
sentiments are now dampening in the domestic markets as well. I think
now people will wait because most of these accumulated buying has
already done.
So, at this point of time, I still believe that probably we will have
very lackluster buying at this point of time in the physical markets.
Also the RBI controls will discourage physical buying from the jewelers
at least from the bankers. That also would be suppressed. I would remain
bearish on gold for at least next three-four months.
