Gold price prediction today: Gold prices are likely to maintain their bullish trend over the coming few weeks, says Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers. The expert shares his views and recommendations for gold investors:Gold began the week on an impressive bullish note, soaring to fresh all-time highs above $3,650/Oz in Spot. The move extended last week’s rally amid growing conviction that the Federal Reserve (Fed) may cut interest rates at its September monetary policy meeting, a shift markets now treat as a near certainty following a string of weak US labour market data.The US Nonfarm Payrolls (NFP) report on Friday showed a slowdown in hiring in August, while the Unemployment Rate rose to the highest level since 2021, confirming that labour market conditions in the world’s biggest economy are slumping.Apart from this, political turmoil in Japan and France, along with persistent geopolitical tensions, contributed to limiting any corrective pullback for the spot gold pair. The US Bureau of Labor Statistics to publish the preliminary estimate of the annual revision of Nonfarm Payrolls later on Tuesday night, might drive the USD & USD/JPY pair leading to volatile moves in gold prices.Additionally, rising demand from major central banks have contributed to the upside so far as Official data showed this week that the People’s Bank of China (PBoC) added gold to its reserves in August, extending purchases of bullion into a 10th straight month although the pace of buying slows down due to higher prices.
Gold Price Outlook
Traders now look to the US Producer Price Index (PPI) & the US Consumer Price Index (CPI), due on Wednesday & Thursday, respectively, for a fresh impetus & direction. If the report comes in hotter than-expected the outcome could boost the US Dollar (USD) & weigh on yellow metal leading to profit booking moves.Overall, the fundamental backdrop suggests that the path of least resistance for the spot gold is to the upside, though overbought conditions warrant some caution in near term.From a technical perspective in spot gold, on a daily time frame technical indicators like RSI holds well above the 70.0 mark which makes it prudent to wait for some near-term consolidation or a modest pullback before positioning for the next leg up. Any corrective decline following through to data in the days ahead, could still attract dip-buyers near the $3,600 – 3540 per oz levels which presents an intermediate support enroute last Thursday’s corrective phase.Meanwhile, the trend remains bullish on a medium-term perspective of 3 – 4 weeks as an upside target of $ 3720 – 3750 per oz looks likely to be tested in spot markets which translates to a range of Rs 1,12,000 – 1,12,500 per 10 gm. levels on MCX futures contract(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
