

Gold is nearing record highs, up over 60% year-to-date, with significant contributions from central bank demand, ETF inflows, a dovish Fed outlook, and geopolitical tensions. It closed at $4299, reflecting a weekly rise of +2.43%. Expectations for more monetary policy easing have grown following the Fed's recent 25 basis points interest rate cut, the third this year. This shift in sentiment has led to a reassessment of the Fed’s policy path through 2026. Although the Fed did not provide explicit forward guidance, Chair Jerome Powell indicated that near-term rate hikes are unlikely, while market traders are factoring in two potential rate cuts next year, despite the Fed’s dot plot suggesting otherwise.
MCX Gold February contract has posted higher-high closing for the 5th consecutive week, having surged by +2.46% in past week, making All-time high at 135,263. However, we have observed a sharp profit-booking in Gold price ahead of weekend in late Friday's session and price has managed to close at 133,622. Gold price has continued to trade in a Rising channel formation over all its key moving averages i.e. 20, 50 and 100-DEMAs levels placed at 128252, 123723 and 116969 respectively. Daily SAR is currently placed at 129544 which will be crucial support to look for. Looking at OI levels, we can observe a mild-rise in OI to 13,660 lots which recently Gold's upmove which signifies that there is a less buying interest even though the price is at ATH level. The momentum indicator, RSI remains over 70–80 levels on Daily as well as Weekly chart.
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, Retail sales and employment data i.e. Avg. hourly earnings, NFPs, unemployment rate, unemployment claims along with announcement of Fed rate which are scheduled to be release in next week.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 131,950 | 129,544 | 133,622 | 135,300 | 137,500 |
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Prediction given by Technical Research Team - Choice.




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