๐๐ผ๐น๐ฑ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ ๐ฃ๐ฟ๐ฒ๐ฑ๐ถ๐ฐ๐๐ถ๐ผ๐ป ๐ณ๐ผ๐ฟ ๐๐๐ป๐ฒ ๐ด ๐ฎ๐ฌ๐ฎ๐ฒ ๐ช๐ฒ๐ฒ๐ธ ๐๐ฒ๐ ๐๐ฒ๐๐ฒ๐น๐ ๐๐ผ ๐ช๐ฎ๐๐ฐ๐ต
Gold prices stayed volatile this week. Manav Modi is Senior Analyst for Commodity Research at Motilal Oswal Financial Services. He says gold failed to stay above the โน156,000 to โน158,000 resistance zone. Prices dropped below the Bollinger Band midline at โน160,700. This signals weaker short-term momentum and a weaker technical structure.
Sellers control the market near higher prices. Buyers show less strength. Gold fell toward the lower Bollinger Band at โน154,700.
Key technical levels include:
- Support zone: โน153,500 to โน154,500
- A close below this zone would push prices to โน151,000, then โน148,000
- Resistance: โน154,700
- Bollinger mid-band resistance: โน160,700
- Bullish target zone: โน163,500 to โน166,500
Bollinger Bands are widening after a quiet period. This points to higher volatility ahead. Recent candlestick patterns show lower highs. This reflects steady selling pressure. The near-term outlook stays bearish while prices trade below the Bollinger middle band. Traders now watch if the โน154,000 support level holds.
US job data came in stronger than expected. The US added 172,000 jobs in May. The unemployment rate held at 4.3%. This strengthened the US dollar and Treasury yields. Markets now expect a more hawkish Federal Reserve.
Hezbollah rejected the Israel-Lebanon ceasefire. This adds to geopolitical risk. It also complicates US-Iran talks. Energy prices stay high. Inflation risks remain.
Traders now await upcoming US CPI and PPI data for the next price move.