Gold has retreated sharply from its record peak, declining by nearly 26 per cent, or around Rs 53,000 per 10 grams, from its all-time high of Rs 2,02,984 on the MCX. In recent sessions, the metal has largely moved within a narrow range, with the absence of fresh catalysts keeping prices directionless.

Although gold has recovered from its recent lows, it has found it difficult to hold above near-term resistance levels, suggesting that selling pressure continues to emerge at higher levels.

According to Jateen Trivedi, Vice President and Research Analyst at LKP Securities, the immediate resistance zone is placed between Rs 1,52,500 and Rs 1,53,000. A stronger hurdle lies higher at Rs 1,55,500.

On the downside, initial support is seen at Rs 1,50,000, while a more significant support level is positioned at Rs 1,48,500.

Based on the current technical setup, gold appears to be trading within a defined range, though the bias remains tilted to the downside. This market structure, he said, supports a strategy of selling on rallies rather than chasing prices higher.