New Delhi [India], November 9 : In the spirit of Dhanteras, the auspicious day heralding wealth and prosperity, India's gold and silver markets are gearing up for a monumental trade surge, with experts predicting a staggering 50 thousand crore windfall this festive season.
Recent weeks saw a dip in gold and silver prices due to easing geopolitical tensions globally.
Amidst the backdrop of this ancient tradition, where purchasing precious metals is considered highly auspicious, market dynamics have been closely watched.
The situation, although unfortunate, did not escalate into a wider conflict, leading to a decreased demand for safe-haven assets.
Investors, buoyed by optimism, are now turning their attention back to the allure of gold and silver.
Varun Aggarwal, founder and managing director, of Profit Idea, said "Dhanteras can glitter more with Yellow & Silver metal till next Dhanteras. Metals look good for medium to long term & expect them to perform well in 2024".
Analysts are eyeing key support and resistance levels in this fervent market atmosphere. In the gold market, crucial support is identified between 59650-59450, with downside levels at 59,584 and 58980.
Should further declines occur, levels of 58376 might be tested. Meanwhile, silver, a metal historically revered in Indian culture, finds support at 70300-69600. If this support falters, levels between 67580 and 66650 may come into play.
Internationally, silver's intriguing pattern - the formation of an inverse head and shoulder - has piqued investor interest. If it reverses from current levels, experts suggest a target price of USD 25.750, with a secondary target soaring to USD 28.
Gold, on the other hand, is tracing a bullish path if it can sustain levels above 2070. In the short term, the trading channel fluctuates between 2050 to 1700, with crucial support lying around 1900.
A breach of these levels might pave the way for a further decline, possibly till 1840.
As families across the country prepare to celebrate Dhanteras, these market insights serve as a beacon of hope, hinting at potential opportunities during this festive season.
The tradition of buying gold and silver on this day, symbolizing the arrival of wealth and prosperity, aligns harmoniously with the current market dynamics, creating a perfect storm of opportunity for investors.
As the lamps are lit and prayers are offered, India's financial landscape too is aglow with the promise of a prosperous year ahead, driven by the enduring allure of gold and silver on this auspicious Dhanteras day.
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