Gold Prices Under Pressure, Weekly Bias Cautious to Bearish Below Rs 155,700

Gold prices have been under corrective pressure after a sharp rejection from the Rs 164,000-166,000 zone. According to Manav Modi, Senior Analyst at Commodity Research at Motilal Oswal Financial Services Ltd., gold's daily structure has weakened after the recent rally, and prices are now below the 20-day average. This suggests that recovery attempts may continue to face resistance.

The middle band of the Bollinger Bands is placed at Rs 155,728, while the upper band is at Rs 163,730 and the lower band at Rs 147,726. The Rs 147,500-148,000 region has become an important downside support zone, while Rs 155,500-156,000 remains the key hurdle for a meaningful recovery.

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.

Holding onto the Rs 149,500-150,000 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.