Gold Prices Hit Fresh Low Amid Crude Oil Surge and Fed Tightening
Gold prices are under pressure as multiple global factors continue to weigh on the market. According to Manav Modi, Senior Analyst at Motilal Oswal Financial Services Ltd., gold is currently trading around Rs 148,300 after extending its decline from the recent Rs 160,000-162,000 region.
The daily structure shows that the recovery attempt has lost momentum, with prices moving below the Rs 150,000 psychological level and testing an important support area. From a technical perspective, gold has slipped marginally below the lower band of the Bollinger Bands, indicating strong near-term selling pressure.
Based on Fibonacci retracement levels, prices are currently testing the 61.8% retracement, making Rs 148,000-148,500 the key decision zone for the week. Holding this area could produce a recovery towards Rs 151,000 and Rs 152,300-153,600, while a sustained break below Rs 148,000 could extend the correction towards Rs 145,000 and Rs 142,000-143,000.
The weekly bias remains range bound, with immediate support at Rs 148,000, followed by Rs 145,000 and Rs 142,000-143,000. Resistance is seen at Rs 151,000, Rs 152,300-153,600 and Rs 155,300-156,800.