The recent bounce from the ₹139,000-140,000 Fibonacci support zone has shifted the momentum back in favor of the buyers. (AI image)

gold price prediction today: : Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Ltd, says that despite some correction, gold prices are broadly bullish.Despite the sharp corrective phase seen during April, gold continues to trade within a broad bullish framework. The recent bounce from the ₹139,000-140,000 Fibonacci support zone has brought the momentum back in favor of buyers, with prices now settling above the important 0.5 retracement level near ₹150,000. Technically, the market is attempting to form a higher base while remaining above the Bollinger Bands midline, indicating a revival in trend strength.Fibonacci retracement structure highlights ₹154,700-156,500 as immediate resistance cluster near 0.618 and 0.786 retracement zones. A sustained breakout above ₹161,500 could trigger fresh momentum towards ₹164,000 and eventually ₹170,000 psychological zone. The Bollinger Bands are gradually widening again after the contraction, which suggests an extension of volatility and the possibility of a directional move in the coming sessions.On the downside, ₹155,000 remains the key pivot support for the week, followed by ₹150,000 which is aligned with the 50% retracement and previous breakout bases. Any close below ₹150,000 may turn weak and ₹146,000-142,000 levels may become exposed again. The candlestick structure currently reflects consolidation following a strong recovery spike, with the market attempting to transition from correction to accumulation. The overall bias remains cautiously bullish, while prices remain above the Bollinger Mid Band and the Fibonacci support zone.Gold prices rose earlier this week as optimism over a potential US-Iran peace deal weakened the dollar and Treasury yields, giving a boost to the precious metal. Expectations of easing tensions in the Middle East and the reopening of shipping routes across the Strait of Hormuz have tempered inflation fears linked to higher oil prices. However, uncertainty remains over Iran’s nuclear program and ongoing disagreements over the Fed’s interest rate trajectory with new Fed Chair Kevin Warsh being sworn in. Markets now await US GDP data and further geopolitical developments, while expectations of at least one Fed rate hike this year continue to support volatility in bullion markets.(Disclaimer: The recommendations and views given by experts on the stock market, other asset classes or personal finance management tips are their own. These opinions do not represent the views of The Times of India.)