Prithviraj Kothari, on gold trend at the Year-End

Dec 15, 2023

Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited (RSBL) said for gold trend at the Year-End. Gold prices have risen almost 10% in International markets and almost 15% in Indian markets. Gold has created a triple top resistance around $2080 (~ Rs 63000) in the last three years. In 2023, Gold prices attempted to clear this resistance for a single day to touch $2150 (~ Rs 64500), but did not sustain.

A lot of positive news, follow-through buying and fear would be required for prices to surpass that level. Once it does, though, the possibility is that the Bull Run won’t end until $2250–$2300 (~Rs 68000–Rs 69000). While on the downside, prices have formed a base around $1900 (~Rs 58000), which would act as the floor of this Bull Run.

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