Gold slipped to Rs 148,216 at the start of the week, after a steep drop from September highs of Rs 165,000, consolidating near the 20‑period moving average.
On the hourly chart, gold trades below the 20‑period average, with Bollinger Bands flanking it at Rs 148,832 and Rs 147,600. Immediate support sits at Rs 147,500, while a break below Rs 146,000 could expose a deeper low around Rs 144,000.
Higher‑side breakout targets include Rs 148,800‑149,000, Rs 150,000‑150,500, and if gold stays above Rs 150,500 it could push the price toward Rs 152,500‑153,500, eventually aiming for Rs 155,000.
The broader outlook remains constructive provided the Rs 145,000 level holds, but the metal is still seen as in a corrective phase rather than a reversal of the long‑term trend.
Gold’s resilience is bolstered by easing Federal Reserve rate‑hike expectations, with Fed Chair Kevin Warsh signalling a lower probability of an October increase, and by lower crude oil prices easing inflationary pressure.
Investment demand remains buoyant, as global gold ETF holdings rose by 187 tonnes in August‑September, and Chinese demand continues to support the floor. The next critical development will be the Fed’s policy meeting, where inflation data could push rates higher and pressure bullion.