Gold price prediction today: Will bearish bias continue? Check outlook

Overall, the weekly bias remains cautious to bearish below Rs 155,700.

Gold price prediction today: Gold outlook remains tilted to bearish as corrective pressures persist, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd. Below is his outlook on gold prices:Gold remains under corrective pressure after the sharp rejection from the recent Rs 164,000–166,000 zone, with prices currently trading near Rs 151,000. The daily structure has weakened after the recent rally, and prices are now below the 20-day average, suggesting that recovery attempts may continue to face resistance.From the Bollinger Bands perspective, the middle band is placed at Rs 155,728, the upper band at Rs 163,730 and the lower band at Rs 147,726.The Rs 147,500–148,000 region therefore becomes an important downside support zone, while Rs 155,500–156,000 remains the key hurdle for a meaningful recovery.Based on the recent upswing from approximately Rs 140,000 to Rs 166,000, Fibonacci retracement levels are placed around Rs 159,900 (23.6%), Rs 156,100 (38.2%), Rs 153,000 (50%) and Rs 149,900 (61.8%).Gold has already moved below the 50% retracement and is testing the 61.8% region, making Rs 149,500–150,000 particularly important this week. Holding this zone could trigger a recovery towards Rs 153,000 and Rs 155,700–156,000, while a sustained break below Rs 149,500 could expose Rs 147,700 and eventually Rs 144,000–145,000.Overall, the weekly bias remains cautious to bearish below Rs 155,700. Immediate support is placed at Rs 149,500–150,000, followed by Rs 147,700 and Rs 144,000–145,000, while resistance is seen at Rs 153,000, Rs 155,700–156,000 and Rs 160,000.(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.)