Gold price prediction today: Will gold maintain its upward momentum? Check outlook for August 3, 2026 week
Gold prices are showing signs of stabilising after a prolonged phase of correction, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd. The recovery indicates that buying interest is gradually returning, although the broader trend …
Intelligence analysis by Llama
Gold prices are stabilising after a prolonged correction phase, with prices rebounding from recent lows and moving back above the 20-day average. The recovery indicates that buying interest is gradually returning, although the broader trend remains cautious as prices continue to trade well below the major highs recorded earlier this year.
Imagine you're playing a game where you have to balance your money between different things. Gold is like a special kind of money that people like to keep safe. When the world is feeling uncertain, people want to keep more gold, which makes the price go up. But when things seem stable, people want to use their gold to buy other things, which makes the price go down. Right now, gold is trying to find a balance between these two things.
Analysis
Gold Price Prediction: A Turning Point for the Market?
Gold prices have been showing signs of stabilising after a prolonged corrective phase, with prices rebounding from recent lows and moving back above the 20-day average. This recovery indicates that buying interest is gradually returning, although the broader trend remains cautious as prices continue to trade well below the major highs recorded earlier this year.
The current market sentiment is influenced by various factors, including the direction of the US dollar, Treasury yields, and crude oil prices. The Federal Reserve's policy meeting is also expected to have a significant impact on the market, with investors closely monitoring Fed Chair Kevin Warsh's policy statement and press conference for fresh guidance on the inflation outlook and the future path of interest rates.
From a technical perspective, gold appears to be forming a base after the recent decline, with buyers gradually regaining control. Immediate support is placed at Rs 143,500, followed by Rs 139,500 and Rs 138,000. On the upside, Rs 147,600–147,700 remains the first resistance zone, followed by Rs 152,000 and Rs 159,700.
Overall, the outlook remains neutral range bound, with gold prices expected to trade within a narrow range. Sustaining above the recent breakout level will be crucial for extending the recovery, while failure to do so could attract fresh selling pressure.
Key points
- Gold prices are showing signs of stabilising after a prolonged phase of correction.
- The recovery indicates that buying interest is gradually returning, although the broader trend remains cautious.
- Immediate support is placed at Rs 143,500, followed by Rs 139,500 and Rs 138,000.
- On the upside, Rs 147,600–147,700 remains the first resistance zone, followed by Rs 152,000 and Rs 159,700.
If the Federal Reserve's policy meeting goes as expected, gold prices may continue to stabilise, and investors may see a positive outlook for the market. Additionally, if the US dollar continues to weaken, gold prices may receive a boost, leading to a more optimistic outlook.
However, if the Federal Reserve's policy meeting surprises investors with a more hawkish stance, gold prices may decline, and the market may see a more pessimistic outlook. Additionally, if the US dollar strengthens, gold prices may also decline, leading to a more negative outlook.
