| Support 2 | 131,000 |
|---|---|
| Support 1 | 134,800 |
| CMP | 136,750 |
| Resistance 1 | 142,010 |
| Resistance 2 | 145,547 |
COMEX Gold prices closed near $3,883/oz, their lowest levels since September 2025, pressured by a stronger US dollar and rising Treasury yields amid expectations of aggressive Fed tightening. US CPI rose 0.4% in October, while markets priced in an 89% probability of a 25-bps December rate hike. Hawkish Fed commentary and elevated inflation further weighed on bullion. Meanwhile, Indian gold demand remained firm as lower domestic prices encouraged festive purchases, with Dhanteras-Diwali demand rising 30% year-on-year in volume terms, despite imports falling 39.9% during April-October. The US 10-year Treasury yield gained 30 bps weekly, as persistent inflation and AI-sector credit concerns intensified selling pressure across fixed-income markets.
Gold price has continued its downside momentum in past week where price has managed to breakthrough the support lows of past two weeks and managed to close on a negative note at 136,750. Here, price has posted weekly loss of more than -4%. Gold price has resumed with slight gapped up at 143,562 in past week, however continued to trade below 20-DEMA level placed at 142,010 which will be immediate resistance to look for. On Daily chart, we can also observe a convergence of 50 and 200-DEMA levels, which is a early signs of bearish bias. Key support would be at 134,800 and breakout below this mark, will boost downside trend in Gold price in upcoming week. The momentum indicator, RSI has remained below 40 level on Daily and Weekly chart. Also, we can observe a bearish crossover on monthly MACD above zero-line along side negative histograms, collectively suggest bearish bias in Gold price.
The overall trend in Gold price is expected to be Moderately bearish in the coming week, and traders should keep an eye on key US economic data such as Retail sales, Consumer sentiment and Unemployment claims which are scheduled to be in next week.
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