Could November be the month ASX gold stocks finally make a comeback?
Gold has fallen around 30% from its January peak, recently breaking below US$4,000 for the first time since October last year.
This week, Wealth Within senior Analysts Filip Tortevski and Pedro Banales examine what’s driving the sell-off and whether three ASX gold stocks are preparing for their next big move.
Persistent US inflation, rising bond yields and a stronger US dollar have weighed heavily on gold. Speculative investors have also been unwinding positions, adding further selling pressure, but there are reasons gold could recover. Central bank demand remains a potential source of support, while growing geopolitical uncertainty, particularly around Iran, could see investors return to safe-haven assets.
Historically, November has also been a stronger month for gold, although seasonality offers no guarantees.
The three stocks are telling very different stories. Northern Star Resources is showing relative strength, maintaining its uptrend despite gold’s weakness. Evolution Mining is testing crucial support, making this a potential turning point. Meanwhile, Genesis Minerals remains stuck in a broad trading range, with neither buyers nor sellers taking control.
So will November deliver a powerful gold rebound, or does this correction have much further to run?
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