Gold Price Forecast for Next Week
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 138,000 | 140,027 | 142,150 | 145,797 | 147,737 |
COMEX Gold prices fell nearly 4% during the week, slipping below $4,000 per ounce to their lowest level since mid-July, as rising oil prices heightened inflation concerns and strengthened expectations of higher interest rates for longer. Lower-than-expected US jobless claims and the Federal Reserve’s hawkish stance further pressured the non-yielding metal, outweighing safe-haven demand amid escalating Middle East tensions. Although the Fed is widely expected to keep rates unchanged at its October 27–28 meeting, markets anticipate a possible December rate hike. Investors will closely monitor US PCE inflation data, preliminary GDP figures and upcoming policy decisions from the Fed, ECB and Bank of Japan. Persistent inflation, elevated oil prices and a stronger-for-longer interest rate outlook may keep gold under pressure in the near term.
Gold price has declined for the second consecutive week, with prices dropping nearly 4% and closing on a negative note at 142,150. Gold prices have continued to trade below the bearish trend line and have started trading below the 200-DEMA level placed at 145,797, which will act as immediate resistance. However, prices showed signs of indecision on Friday last week, forming a Doji daily candle after range-bound movement. The next key support is at 140,027, and a breakout below this level could increase downside momentum in gold prices in the coming week. The RSI level has declined to 30 on the daily timeframe.
The overall trend in gold prices is expected to remain sideways-to-bearish in the coming week. Traders should monitor key US economic data, such as the Core PCE Price Index, Advance GDP, personal income and spending, and unemployment claims, along with the Federal Reserve's interest rate announcement, all of which are scheduled for next week.
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