India’s Gold Imports Jump 21.78% on Festive Demand
- Technical Analyze:
The gold (XAU/USD) chart indicates a strong upward trend with the price reaching a key resistance level near 2,804. A break above this level would confirm a continuation toward the next bullish target at 2,816.
Bullish Scenario: If the price breaks and stabilizes above the current resistance, it’s likely to continue toward the 2,816 level, as marked by the next bullish station.
Bearish Scenario: Failure to hold above the correction point at 2,758 may trigger a pullback towards lower support levels around 2,738 and 2,712. A deeper decline could target the support zone at 2,677.
Key Levels:
Pivot Point: 2775
Resistance Levels: 2790, 2804, 2816
Support Levels: 2758, 2748, 2738
Trend Outlook:
Correction til 2775 or 2758
Above 2775: Uptrend - India's Gold Imports Surge Amid Strong Domestic Demand
India's gold imports increased by 21.78% to $27 billion during April-September of this fiscal year, influenced by strong domestic demand, according to government data. This rise in imports impacts the country’s current account deficit (CAD). For the same period in the previous fiscal year (2023-24), imports stood at $22.25 billion.
An industry expert highlighted that the ongoing festival season has significantly boosted demand, contributing to the increase in imports.
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