Gold Prices to Remain Volatile Amid US-Iran Tensions and Crude Oil Rates

Gold prices are expected to remain volatile in the coming week due to various factors such as US-Iran tensions, crude oil rates, and developments in the West Asia conflict. Market analysts predict that gold prices will move within a range and be sensitive to movements in Treasury yields, the US dollar, and inflation data.

According to Ponmudi R, CEO of Enrich Money, the Federal Reserve's hawkish dot plot is likely to remain the dominant driver for precious metals. Gold prices are expected to rebound from the ₹1,50,000 zone after a period of consolidation.

The technical outlook suggests that MCX gold closed the week firmer at ₹1,54,381, gaining 1.07%. Immediate resistance lies at ₹1,54,000, ₹1,54,700, followed by the next resistance zone at ₹1,56,300, ₹1,57,000.

Choice Broking highlighted that gold prices still remained in a rising channel, sustaining above its key moving averages. The momentum indicator, RSI is trailing over 50 on Daily timeframe.