Gold Price Forecast for Next Week

Sachin Gupta Sachin Gupta

Last Updated: 11th October 2024 - 09:34 pm

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Gold prices climbed in Asian trading on Friday, building on overnight gains, as strong U.S. inflation data was partially offset by weaker labor market indicators. 

Thursday’s Consumer Price Index (CPI) report reinforced concerns about inflationary pressures. However, these fears were somewhat alleviated by labor market data, which revealed a higher-than-expected increase in weekly jobless claims.

In response to the labor market weakness, the U.S. dollar retreated from its two-month highs. This development strengthens the case for the Federal Reserve to consider easing interest rates.

Gold long-term fundamental remain bullish but near to short term price momentum can be volatile due to several factors like Fed rate cut, Geopolitical tensions, US inflation pressure and economic data. 

 

Gold Price Forecast

Gold Price Technical Outlook:

Technically, MCX gold prices have seen a gradual recovery from the 38.2% extension levels and a key prior support zone. Other indicators also support the ongoing bullish trend. Overall, prices have been moving within a bullish trajectory, signaling long-term strength with a positive bias. However, considering recent fundamental developments and news flow, some profit-taking might occur in the short term. Thus, any pullback in gold prices could present a buying opportunity for long-term investors. On the downside, gold has support around Rs. 74,700 and Rs. 73,800, while key resistance levels are positioned at Rs. 76,600 and Rs. 77,300.

COMEX gold may also experience some short-term consolidation or pullbacks, the overall technical outlook remains bullish as long as key support levels of $2580 hold and market conditions continue to favor safe-haven assets.

Important Gold Price Levels: 

  MCX GOLD (Rs.) COMEX GOLD ($)
Support 1 74,700 2,580
Support 2 73,800 2,550
Resistance 1 76,600 2,700
Resistance 2 77,300 2,730

 

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