Over the last several years, 71% of financial advisors had less than a1% exposure to gold. AG Thorson, Technical Analysis Expert said, “ I think most advisors recommend between 5% and 10%, correct me if I’m wrong – only 2% are balanced that way. I see a potential head and shoulder bottom in miners that could trigger an explosive rally. A November breakout is a significant possibility.”
Thorson says gold continues to consolidate just below $2000. A daily close above $2040 in the first half of November would signal a breakout and potential attack on $2090. To the downside, closing below $1960 would sponsor a retest of the October breakout.
The October low washout sentiment and gold could reach new highs by year-end. I think we’ll know by mid-November if metals and miners are breaking out, says Thorson.
Recently at the occasion of festivity and jewellery buying season Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Limited (RSBL) shared his expertise view on gold prices during the Federal Reserve announcement.
He said, gold prices are trading steady around Rs 61000, supported by a weaker dollar and Treasury yields after the Federal Reserve struck a less hawkish tone than expected, although gains in gold were limited by increased risk appetite.
As was generally anticipated, the central bank kept interest rates unchanged on Wednesday (1 November 2023). Markets, however, were pricing in a lower likelihood of any additional rate hikes following remarks made by Fed Chair Jerome Powell, who also noted that financial conditions have significantly tightened in recent months.
Gold prices, if it sustains above 61100, can rise to 61400. If it sustains below 60700, can retrace up to levels of Rs 60200, due to the profit-booking of a steep rally.
Offical Facebook account of heerazhaveraat.com, homepage for Trade News, Articles and Promotion of D
⏳ सिर्फ़ 3 दिन बाकी!
💎 Jewellery Business का महाकुंभ – DJGF 2025
650+ Exhibitors | 2500+ Brands | 1.5 लाख+ Designs
500+ Hosted Buyers | देशभर के Retailers & Wholesalers
3 दिन, सालभर की तरक़्क़ी!
13–15 सितम्बर | 📍 भारत मंडपम, नई दिल्ली
👉रजिस्टर करें: https://bit.ly/3vG6SHQ
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
