Mumbai, sep 3: Gold prices on the Multi Commodity Exchange (MCX) have extended their recent decline, with the precious metal remaining under pressure for a second consecutive week. The weakness has created a near-term bearish setup, though the broader trend continues to remain positive.
The current pullback is being viewed as a corrective phase within the larger uptrend rather than an immediate sign of a trend reversal. Market participants are now closely watching key technical levels to assess whether gold can regain momentum or face deeper correction.
The ₹1,48,000 level has emerged as the key support for the near term. The level coincides with the earlier breakout zone as well as the weekly moving average, making it an important point for determining the next direction.
A sustained close below ₹1,48,000 could increase selling pressure and drag MCX gold towards the next support level of ₹1,44,000. Such a move would indicate that the ongoing correction is gaining strength.
On the upside, ₹1,55,000 remains the major resistance zone. A decisive move above this level would weaken the current bearish outlook and signal a possible resumption of the broader bullish trend.
A sustained daily close above ₹1,55,000 could confirm that buyers have returned with strength and potentially open the door for further gains. Until then, the market is likely to remain volatile, with the broader positive trend providing scope for accumulation during declines.