GOLD FUTURES: WILL THE YELLOW METAL DELIVER A DIWALI RALLY?

Gold is currently trading near ₹1,48,000 on the MCX daily chart, caught between a strong support zone of ₹1,40,000 and a major resistance zone of ₹1,64,000. Interestingly, gold has repeatedly bounced back from the ₹1,40,000 zone, indicating buying interest at lower levels. However, every approach towards ₹1,64,000 has attracted selling pressure, making this a crucial hurdle for the next major move. What to Expect Ahead? If gold sustains above ₹1,40,000 and crosses the ₹1,50,000–₹1,52,000 zone with strong buying momentum, a recovery towards higher levels could gain traction. A decisive breakout above ₹1,64,000 would strengthen the bullish outlook. However, if support at ₹1,40,000 breaks, further correction cannot be ruled out. My View: Gold is approaching an important technical decision zone. Repeated support bounces are encouraging, but a confirmed breakout is needed before expecting a strong rally this Diwali. Traders should watch price action closely instead of taking aggressive positions based only on seasonal expectations. Disclaimer: Market views are for educational purposes only. Investments and trading in securities and commodities are subject to market risks.