Gold in overbought zone, wait for correction before buying: Bhavik Patel

Gold has given a return of 25.7 percent so far this year. It is trading at all-time-high as investors are lapping up to hedge their exposure from risky assets. Renewed cases of Covid-19 is keeping bulls in the hunt. Above $1820, we can see prices till $1850-$1870 in a short period. On MCX, it is already trading at all time high but some caution is warranted as gold prices are in the overbought zone. Any investor thinking of buying gold at the current market rate should wait for any correction as it is unwise to chase gold at such high