Gold price prediction today: Gold prices are showing a positive bias and there has been a sharp correction from the lows seen in July, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd.If the current MCX Gold price is around Rs 163,000, then previous levels are no longer valid because the market has already broken above the upper Bollinger Band shown in that chart.Based on the chart and current price action:
Weekly Technical Outlook – MCX Gold
Gold has witnessed a strong breakout and is trading near fresh highs around Rs 163,000. The move above the previous resistance zone of Rs 157,500–158,000 confirms renewed bullish momentum and suggests that buyers remain firmly in control.The sharp recovery from the July lows has reversed the earlier corrective trend, with the market now entering a price-discovery phase where momentum and sentiment are likely to drive near-term direction. While some profit-booking cannot be ruled out after the recent rally, the broader bias remains positive as long as prices hold above key support zones.The previous resistance zone around Rs 157,500–158,000 has now turned into an important support area. A sustained move above Rs 163,000 could open the door towards Rs 166,000–168,000 during the week.On the downside, any correction towards Rs 158,000–160,000 is likely to attract buying interest. The overall structure indicates strength, with higher highs and higher lows continuing to develop on the daily chart.
Gold: Important Levels for the Week
Resistance* R1: Rs 164,500* R2: Rs 166,500* R3: Rs 168,000–170,000Support* S1: Rs 160,000* S2: Rs 158,000* S3: Rs 155,000
Gold Weekly Bias
Bias remains bullish. Holding above Rs 158,000 keeps the outlook positive, while a move above Rs 164,500 could extend gains towards Rs 166,500–168,000. Only a sustained break below Rs 155,000 would weaken the current bullish structure.Gold extended its strong momentum and remained near a three-month high after gaining more than 5% last week, supported by rising concerns over the long-term health of US public finances and growing expectations that policymakers may increasingly intervene in financial markets to manage borrowing costs.Investor sentiment improved significantly after the US Treasury announced an expansion of its long-dated bond buyback program, aimed at improving liquidity and containing the rise in long-term yields. The move pushed Treasury yields and the US dollar lower.Markets also reacted to the growing US debt burden, which has now exceeded $40 trillion, raising concerns over fiscal sustainability and the potential erosion of confidence in fiat currencies.A weaker dollar, which fell to a three-month low, further supported bullion by increasing its appeal to overseas investors. Investment demand strengthened considerably during the week, with gold-backed ETFs recording their largest daily inflow since September 2025 and extending a five-week streak of net inflows, reflecting renewed institutional interest in the metal.Central banks also continued to provide an important source of support through ongoing reserve diversification, particularly amid elevated geopolitical risks and persistent inflation concerns.Looking ahead, market participants will closely monitor further developments in US Treasury operations, fiscal policy discussions, and upcoming economic data releases, which are expected to remain key drivers for gold prices in the near term.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)