Although gold has recovered from its recent lows, it has found it difficult to hold above near-term resistance levels, suggesting that selling pressure continues to emerge at higher levels.
According to Jateen Trivedi, Vice President and Research Analyst at LKP Securities, the immediate resistance zone is placed between Rs 1,52,500 and Rs 1,53,000. A stronger hurdle lies higher at Rs 1,55,500.
On the downside, initial support is seen at Rs 1,50,000, while a more significant support level is positioned at Rs 1,48,500.
Based on the current technical setup, gold appears to be trading within a defined range, though the bias remains tilted to the downside. This market structure, he said, supports a strategy of selling on rallies rather than chasing prices higher.
