Gold price prediction today: Will gold prices continue to rally? Check outlook for August 17, 2026 week
Gold price prediction today: Gold prices are likely to continue their upside, though there may be some short-term consolidation, says Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd.Gold has turned decisively positive in the short term, rising to around Rs 155,145 and moving above its recent consolidation range.
The price is now approaching the upper end of the recent range, making Rs 157,500–158,000 the key resistance zone for the week. A sustained move above this region could open the way towards Rs 160,000, while failure to break higher may trigger some profit-taking.On the downside, immediate support is placed at Rs 152,000–153,000, followed by the important Rs 147,000 zone.
The 20-day Bollinger Band average is at Rs 147,008, while the upper band is at Rs 157,600 and the lower band at Rs 136,415.With prices trading close to the upper band, upside remains strong but the possibility of short-term consolidation cannot be ruled out. Using the recent swing from approximately Rs 139,000 to Rs 158,000, the key Fibonacci retracement levels are around Rs 153,500, Rs 150,700, Rs 148,500 and Rs 146,000.
The first retracement zone around Rs 153,500 provides immediate support, while Rs 150,700–148,500 forms a stronger support area.Overall, the weekly bias remains bullish as long as gold holds above Rs 152,000, with Rs 157,600–158,000 as the immediate hurdle and Rs 160,000 as the next upside target. A break below Rs 147,000 would weaken the positive setup and could bring Rs 140,000–142,000 back into focus.Gold ended the 10–17 August period on a firm note, with prices holding above the $4,300/oz level after briefly climbing toward $4,400 as softer US inflation and labour-market data reduced expectations of an immediate Federal Reserve rate hike.
July CPI was broadly in line with expectations, while PPI came in softer than anticipated, reinforcing the case for the Fed to remain on hold in September.Markets now see only around a one-in-three probability of a September hike. Geopolitical developments remained a key source of volatility, with uncertainty over reopening the Strait of Hormuz keeping oil prices elevated at times and raising concerns over renewed inflationary pressure.
Meanwhile, China continued to provide a strong fundamental tailwind, with the PBoC extending its gold-buying streak to 21 consecutive months and Chinese gold ETFs continuing to attract inflows.The weaker US dollar also supported bullion, while renewed strength in the yen and concerns around currency intervention further highlighted gold’s role as a reserve asset and hedge against currency risks.
Going forward, gold’s outlook remains cautiously bullish, with Fed expectations, US inflation and labour data, Hormuz developments and continued central-bank demand likely to determine the next major move.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own.
These opinions do not represent the views of The Times of India.)Get the latest Business News and Live updates. Download the TOI app.