Gold price prediction today: Gold prices are rallying this week and several global factors including a possible Supreme Court judgment on US President Donald Trump’s tariffs would be a key factor to watch out for, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd. He shares his views and recommendations for gold investors and key levels to watch out for in the near term:Gold and Silver continued their bullish run as Geo-political tensions increased the overall uncertainties and risk premium in the market. Along with US and Venezuela disruptions in Greenland, Iran also increased panic in the market. Beyond geopolitics, metals complex continues to be overpowered by acute supply tightness, reflected in persistent backwardation on COMEX, spot–futures spreads hovering near $1, narrowing Shanghai-COMEX arbitrage to around $3–4 from $8 earlier, and steady drawdowns in silver inventories across exchanges. On macro front, US ISM Manufacturing PMI slipped to contractionary territory, factory orders weakened and job openings fell to a 14-month low, reinforcing expectations that the Federal Reserve could deliver multiple rate cuts in 2026, despite the CME Fed-Watch tool showing no January move.Bullion prices retested its near its important support level once again last week ₹1,36,400 giving investors opportunity to enter fresh out for the target as mentioned earlier. Broader technical structure continues to be on buy on dips strategy preferably through staggered investments. Supports now are placed at ₹138,000 and ₹136,000, which earlier was a resistance near the 61.8% fib extension level and now mid-range of Bollinger band. Amidst the factor mentioned above, prices have witnessed a significant gap up on Monday morning, however if prices retrace towards the support levels buying could be initiated for the targets of ₹142,000 and ₹145,000 which is the next resistance zone as well.As the new week unfolds, market focus now shifts squarely to upcoming US CPI, PPI and Fed official speeches. Along with data, geo-political tensions, the verdict of the Supreme Court on President Trump’s tariff will also be important to keep an eye on.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
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