Weekly Outlook on Gold - 9 Jun 2023

Weekly Outlook on Gold - 9 Jun 2023

by Sachin Gupta Last Updated: Jun 09, 2023 - 05:12 pm 595 Views

Gold traded sideways after a 1% climb in the previous session, although gold headed for second straight weekly gains on bets that the U.S. Federal Reserve may pause rate hikes in its next week meeting. According to the Fed rate monitor tool, there was a 73.7% chance that the central bank will stand down from the rate hike next week. Market participants are keeping an eye on the next inflation reading due Tuesday. The CPI reading may ultimately determine the direction of gold whether it sets a new record high or continues to correct lower.


                                                                       Gold traded rangebound ahead of Fed meeting                                    

Copper - Weekly Report


Technically, COMEX Gold prices have been hovering above 100-day Simple Moving Averages and could be poised for highs of $1990 and beyond even higher if it breaks the $2000 mark. However, the mixed fundamentals may keep some pressure on prices along with the volatility.  A momentum indicator, Stochastic & CCI, witnessed a positive bias that supported the prices further. On the daily chart, the price has formed a Bullish Engulfing Candlestick pattern on Thursday's session that suggests bullish strength in the COMEX gold prices for the near term. On the downside, $1948 is indicating further support, while on the upside; there is a resistance at $ 2000 levels.



MCX Gold has been trading in a range since the last one week and is also near the support of 50-day Exponential Moving Averages. The short term trend in Gold is likely to remain sideways to bullish and breakout above 60300 would invite more buying strength towards 60800/61300 levels.  Traders are advised to focus on U.S. inflation data and Fed meeting outcome as both the events are most important for the market direction. 


Important Key Levels:




Support 1



Support 2



Resistance 1



Resistance 2



Frequently Asked Questions

How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Mr. Sachin Gupta is a Senior Research Analyst at 5paisa, based in Mumbai. He has over 10 years of experience in Equity, Commodity research and strategies. 


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
Open Free Demat Account
Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest Blogs
UTI Nifty 50 ETF Face Value Split: What It Means for You?

Exchange-Traded Funds (ETFs) have gained immense popularity in recent years as an investment vehicle. They offer investors exposure to a diversified portfolio of assets, much like mutual funds, but with the added advantage of being traded on stock exchanges throughout the trading day. 

  • Sep 26, 2023
Top 5 Luxury Brands in India in 2023

In a world grappling with economic downturns, India stands tall as a beacon of economic growth and potential. With an estimated 7% growth rate in 2023, India is poised to become the fifth-largest economy globally. The Indian luxury market is not far behind in this remarkable growth story.  Recent reports suggest that India's luxury market is set to soar to unprecedented heights, offering a lucrative playground for both domestic and international brands.

  • Sep 26, 2023
Marco Cables & Conductors IPO: How to check the Allotment Status

The IPO of Marco Cables & Conductors Ltd has a fresh issue component and also an offer for sale (OFS) portion. As part of the fresh issue portion of the IPO, Marco Cables & Conductors Ltd issued a total of 26,01,000 shares (26.01 lakh shares), which at the fixed IPO price of ₹36 per share aggregates to a total fund raising of ₹9.36 crore.

  • Sep 26, 2023