

Gold prices traded back & forth, with spot gold closed right above $4000. This momentum was driven by a weaker U.S. dollar and ongoing concerns related to the government shutdown, which has now lasted 38 days. The uncertainty created by the delayed U.S. non-farm payrolls report, a consequence of this political impasse, has fueled demand for gold as a safe haven, particularly in light of recent private sector data indicating job losses in October. Market participants are currently assigning a 66% probability of a rate cut in December, as reported by CME Group’s FedWatch Tool. This dovish market sentiment, along with declining Treasury yields, is providing support for gold amidst a backdrop of general risk aversion.
Gold price has experienced another week of profit-booking from its peak levels, made a mild decline in past week as price was traded back & forth and managed to settle at 121,038. On Daily chart, price has still traded in Rising channel however price has remained below 20-DEMA level placed at 121,287. Key supports would be at 50 and 100-DEMA levels placed at 116926 and 110293 respectively. On the other hand, key resistance would be at Daily SAR level placed at 124,078. The momentum indicator, RSI remained above 50 level on Daily and Weekly chart. Also, we can observe a convergence on MACD along side declining negative histograms on Daily time-frame which suggests positive biasness in gold price.
The overall trend in Gold price is expected to be Moderately Bullish in the coming week, and traders should keep an eye on key US economic data such as Inflation, PPI, Retail Sales data which are scheduled to be released in next week.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 116,926 | 120,000 | 121,038 | 122,500 | 124,078 |
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Prediction given by Technical Research Team - Choice.



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