Kamal Ghorui
Gold price prediction today: Gold is seeing intense selling pressure and this is likely to continue this week amid global tensions, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd.Gold prices have witnessed a sharp decline, marking their worst performances in years, as rising inflation concerns and expectations of prolonged higher interest rates outweighed safe-haven demand. Escalating tensions in the US-Israel-Iran conflict pushed crude oil prices above $100, fueling fears of sustained energy-driven inflation. Central banks have maintained a cautious stance, with the Fed holding rates steady while signaling inflation risks, and others like the RBA hiking rates. Stronger US dollar and rising bond yields further pressured bullion. Despite intermittent stability from easing oil prices, markets shifted away from rate cut expectations, limiting gold’s upside amid persistent geopolitical uncertainty.The focus this week will be on Preliminary PMI reports from major economies. Gold has turned technically weak after a sharp breakdown from the recent consolidation range. Prices have slipped below the middle Bollinger Band (20 SMA), indicating loss of bullish momentum, and are now approaching the lower band—suggesting increased downside volatility. The recent price action resembles a distribution top followed by a breakdown, confirming a short-term bearish structure.The immediate resistance is seen near Rs 142,000-145,000, which aligns with the middle Bollinger Band and prior support zone. A stronger resistance is placed at Rs 150,000, where repeated rejections were observed earlier. On the downside, key support lies around Rs 136,000, and a decisive break below this could extend the fall towards Rs 130,000 -128,000 levels.Volume expansion during the decline indicates strong selling pressure. Unless prices reclaim Rs 145,000 quickly, the bias remains sell-on-rise for the week.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
