The US Federal Reserve’s recent rate hike has sent shockwaves through the precious‑metal markets, pushing gold below the 148,000 mark for the first time in weeks. Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, noted that the move adds volatility to the weekly trading range.
Gold’s technical profile remains bearish in the short term. The 148,000 level is the first important support; a sustained break below it could force a slide toward the 144,000–140,000 zone. The 155,000 ceiling is the next resistance to watch – a breakout above it would signal a return to bullish momentum.
Silver mirrors gold’s weakness, trading near 225,000. The 225,000 support is crucial for maintaining the current corrective phase; a firm close below would shift the bias to negative. On the upside, the 242,000 and 248,000 levels serve as key resistance points, with a move above 248,000 confirming a bullish bias.
Koikkara emphasized that rising US Treasury yields and the Fed’s tightening stance continue to erode the appeal of non‑yielding assets like gold and silver. He added that while the base trend is still positive, the current correction offers an opportunity for accumulation rather than indicating a reversal.
Looking ahead, market participants will watch for any decisive breakdown from the consolidation phase. A sustained daily close above 155,000 for gold or 248,000 for silver would validate the technical outlook and could set the stage for a new upward swing. Until then, traders should keep a tight eye on the support levels highlighted.