Gold Price Predicted to Hit Rs 157,000 as Upside Momentum Slows Down

The gold price has been fluctuating within a narrow range of Rs 150,000-155,000 over the past few weeks. According to Manav Modi, Senior Analyst at Motilal Oswal Financial Services Ltd, the upside momentum in gold has subsided for now.

Modi notes that gold is currently trading just below the middle band of its Bollinger Bands structure, with the 20-day average placed at Rs 154,235 and the upper band standing at Rs 160,266. The immediate hurdle for gold is the zone around Rs 154,200-155,000.

A sustained move above this level could strengthen the recovery towards Rs 157,000 and subsequently Rs 160,000-160,300. However, if prices break below Rs 152,000, they may expose Rs 149,000-148,200.