Now Reading: MCX gold near Rs 163,000, analysts say breakout is bullish
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MCX gold near Rs 163,000, analysts say breakout is bullish
Gold on MCX has broken above the previous resistance of Rs 157,500 and is trading near Rs 163,000, its highest in three months. Analysts say the move above the upper Bollinger Band confirms renewed bullish momentum and opens the door towards Rs 166,000-168,000, according to Motilal Oswal Financial Services Ltd.
The rally has been driven by a weaker US dollar, rising concerns over US public finances where debt has crossed $40 trillion, and the largest daily inflow into gold-backed ETFs since September 2025. Central bank buying has also supported prices.
Traders should watch Rs 158,000 as key support. A sustained break below Rs 155,000 would weaken the bullish structure, analysts say. Kotak, in its note, flagged near-term profit-taking risk but retained a medium-term bullish outlook.
Indian Opinion Analysis
Both sources carry straight market analysis. The Times of India publishes a detailed technical and fundamental outlook from Motilal Oswal, citing US debt above $40 trillion, a weaker dollar and ETF inflows as drivers. NDTV Profit's brief item is a headline-only Kotak note flagging medium-term bullishness but near-term profit-taking risk. The coverage is uniform in direction and contains no political or ideological framing. For traders, the key level to watch is whether MCX gold sustains above Rs 163,000 enabling a move towards Rs 166,000-168,000, or breaks support at Rs 158,000.
Coverage: 2 sources, 2 neutral
Sources (2): timesofindia.indiatimes.com (neutral report), ndtvprofit.com (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
Updated: this story now draws on 2 sources.
