Gold price prediction: Will gold prices continue to crash? Top points to watch out for

Gold price prediction today: Gold prices will continue to be volatile and range bound in the near future, 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:Gold and silver ended the week on a sharply weaker footing after a violent correction from record highs, as a rebound in the US dollar and shifting expectations around US monetary leadership triggered heavy profit-taking. Reports that the Trump administration nominating Kevin Warsh, forced markets to reprice rate cut expectations, along with ETF and speculative profit booking, weighing on prices.While the broader backdrop of fiscal stress, geopolitical uncertainty and long-term policy accommodation remains supportive for bullion, the scale of the recent rally left prices vulnerable to a brutal reset. Domestically, the Union Budget delivered no surprises for precious metals, keeping policy neutral. Attention now shifts to the RBI decision, US jobs data and PMI releases, which will be key in determining whether the correction stabilises or extends further.Technically, the trend still remains positive, however RMS selling and profit booking has changed the behaviour and structure of the chart.Prices are way out of the bollinger band and below the important support zones. Important indicators like, RSI are near the previous lows amid price fall, indicating that some rebound is likely. Major support zone is near Rs 1,25,000 while, the near term support is at Rs 132,000 on higher side; Rs 155,000 and Rs 160,000 proves to be an immediate resistance.Some caution needs to be maintained amidst further panic selling hence stance for this week will be range bound.(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)