Gold price prediction today: What is the gold price outlook this week? Top factors to watch out for

Supports of ₹135,000 and ₹132,000 remain intact with an immediate resistance near ₹138,000. (AI image)

Gold price prediction today: Gold prices are broadly positive and investors should look to buy on tips following a staggered strategy, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd. He shares his views and recommendations for gold investors and key levels to watch out for in the near term:Volatility was the key factor in last week’s move despite the Christmas and New Year holiday as silver witnessed a more than $10 range while gold hovered above $4500 for a few days and dropped below $4400. The overall volatility remained amidst economic update but, majorly amidst parity mismatch between international and domestic exchanges. Gold had a disparity of more than 2% with domestic gold at premium of more than ₹3000 to Spot.Over the weekend, updates regarding the US taking control over Venezuela increased the overall risk premium and uncertainties in the market. However, with US President Donald Trump having the supply control it will be important to see how the situation is taken by the market as the market resumes after the New Year holiday.Gold prices inched lower as mentioned last week testing recent lows and breakout levels of around ₹135,000 and now is inching higher. The broader technical structure continues to be on buy on dips strategy preferably through staggered investments. Supports of ₹135,000 and ₹132,000 remain intact with an immediate resistance near ₹138,000 which matches the upper Bollinger band and a 61.8% fib extension level.Any break above the same with volumes could trigger further buying interest, else prices could trade in this broad range. Break below the support could take prices towards lower Bollinger band support of ₹130,000 while break above resistance could witness a target of ₹143,000–144,000 zone.As the new week unfolds, market focus now shifts squarely to upcoming inflation, GDP and PMI data from major economies, alongside delayed U.S. labour market releases, which are expected to play a critical role in shaping expectations for the monetary policy path and near-term direction of gold and silver prices.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)