Comex Gold Enters Bear Territory After Snapping Key Support: SEBI RA Mayank Gupta Flags Sell-On-Rise Strategy
The analyst targets $2,960 and $2,800, citing technical weakness and easing geopolitical tensions.
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The Comex Gold market has entered a bearish trend after a vital support level was broken, creating conditions that support a sell-on-rise approach, according to SEBI-registered analyst Mayank Gupta.
According to the analysis, the trend turned negative, resulting in failed critical support levels and swing structures, which led Gupta to set downside targets at $2,960 and $2,800.
The softening of geopolitical tensions, tariff worries, and technical indicators provide additional support to the shift in sentiment, he said.
The domestic market movements show a continuation of the weakening trend.
The Multi Commodity Exchange (MCX) gold futures for June recorded a drop of ₹7,900 from their April 22 peak price of ₹99,358 per 10 grams to hit an intraday low of ₹91,461 on Thursday.
The price adjustment occurred as investors reduced their safe-haven assets after resuming trade discussions between the U.S. and China.
Gold exchange-traded funds have shown robust performance since the start of the year, even though the market is experiencing a downtrend.
The Nippon India ETF Gold BeES has advanced by 19% this year, while the UTI Gold ETF shows a 20% increase.
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