

Comex Gold settled at $4338 per ounce last week, showing consolidation with a peak of $4375. Softer U.S. CPI and rising unemployment rates have sustained expectations for interest rate cuts, with traders anticipating at least two cuts next year, despite low odds for a January move and a 57% probability for March. Treasury yields slightly increased, yet gold remained stable as buyers engaged during minor pullbacks. The current market positioning suggests limited downside risks, although an unexpected rise in yields could challenge this sentiment. Despite a sustained uptrend in gold prices, low volatility and an unconfirmed weekly breakout indicate a lack of strong buyer conviction.
MCX Gold February contract has continued to incline for the 6th consecutive week and managed to settle at ₹34,206 in past week. Here on weekly timeframe, there is an emergence of Doji candle at ATH levels as price has traded back & forth in range of ₹33,800 to ₹35,000. This shows indecision among the traders clearly. Gold price has continued to trade in a Rising channel formation, sustaining over its key moving averages i.e. 20, 50 and 100-EMA levels placed at ₹30,684, ₹25,664 and ₹18,630 respectively. Daily SAR is currently placed at ₹33,382. Even if the price was in consolidation, there is a mild surge in OI levels by 15,620 lots. The momentum indicator, RSI remained oversold in major timeframes.
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 Prelim GDP, Goods order, Consumer confidence and unemployment claims which are scheduled to be released next week.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 130,684 | 130,000 | 134,206 | 135,590 | 137,000 |
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Prediction given by Technical Research Team - Choice.



