The precious metal is projected to move sideways with a negative bias this week after pulling back from October highs above Rs 151,000 toward the Rs 138,500 mark. Although investors are contending with restrictive monetary policy keeping benchmark rates between 3.75% and 4.00%, bargain hunting and Chinese dip-buying are offering underlying support. A technical rebound above Rs 144,000 will be necessary to significantly improve the short-term outlook, with key floors positioned between Rs 137,400 and Rs 138,000. Forthcoming U.S. employment statistics and midterm election outcomes are poised to steer the next phase of fiscal and monetary sentiment.
Key points
Restrictive Federal Reserve policy maintaining interest rates between 3.75% and 4.00% con…: Restrictive Federal Reserve policy maintaining interest rates between 3.75% and 4.00% continues to create persistent macroeconomic headwinds.
Downside momentum is being partially counterbalanced by strategic dip-buying from Chinese…: Downside momentum is being partially counterbalanced by strategic dip-buying from Chinese investors alongside Middle Eastern geopolitical friction.
Market participants are closely watching upcoming U.S. labor-market data and midterm elec…: Market participants are closely watching upcoming U.S. labor-market data and midterm elections for indications of future policy shifts.
Sources checked by our analysis pipeline: 1
Gold price prediction today: Gold prices are likely to continue trading sideways with a downward bias, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd. Let’s take a look at his detailed analysis:Gold enters week near Rs 138,500 after extending its October correction, with the hourly structure continuing to reflect a clear sequence of lower highs and lower lows. Prices have declined sharply from above Rs 151,000 earlier in October and are currently trading well below the 20-period average near Rs 140,660, confirming continued selling pressure.
The Bollinger Bands are placed around Rs 143,877 on the upside and Rs 137,442 on the downside, with prices trading close to the lower band after the latest breakdown. Immediate support is placed around Rs 137,400–138,000, followed by Rs 135,000–136,000; a sustained break below this zone could expose Rs 132,000–133,000.
On the upside, Rs 140,500–141,000 is now the first important hurdle, followed by Rs 143,000–144,000. A sustained recovery above Rs 144,000 would be required to meaningfully improve the short-term structure and could open the way towards Rs 146,000–147,000.
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