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Gold and Silver Price Predictions: Will Gold Reach Rs 1.5 Lakh This Dhanteras?
Sentiment: NeutralHigh Priority
What Happened?
As Dhanteras approaches, gold and silver prices show signs of recovery. Analysts suggest a buy-on-dips strategy, with gold potentially facing resistance at Rs 147,500.
Key points
- Gold prices have rebounded from recent lows, supported by positive market reactions to the US Midterm Election results.
- Immediate resistance for gold is around Rs 147,500, with key support levels at Rs 140,000 and Rs 138,000.
- A sustained weekly close above Rs 146,000 could reinforce a bullish outlook for gold.
- Silver prices have also recovered, with immediate resistance at the previous week's high.
- A cautious buy-on-dips strategy is recommended for both gold and silver.
Key insights
- If gold closes above Rs 146,000, it may indicate a stronger bullish trend.
- Silver's recovery could signal renewed investor interest in precious metals.
- Market reactions to political events can significantly impact commodity prices.
Why it matters
The price trends could influence investment decisions during the festive season.
Source
Times of India
