MCX Gold futures are currently navigating a critical juncture, retreating from key trendline resistance and entering a defined sideways market structure. This development, observed on November 17, 2025, points to a consolidation phase for gold with a cautious stance warranted due to renewed bearish momentum.
“The failure to sustain above crucial resistance bands has led to the formation of a bearish candle, pushing prices back towards key moving averages and indicating that overhead supply is presently outweighing buying interest at higher valuations.”
The technical setup shows momentum turning bearish in the near term. The Relative Strength Index (RSI) hovers around the 38–40 range, suggesting weakening price action without an immediate oversold reversal. The MACD line remains below its signal line with a widening red histogram, reinforcing the sense of growing downside pressure.
Important support levels to watch include around ₹1,22,950–₹1,23,000, with a longer-term ascending trendline near ₹1,21,800 acting as a broader anchor. On the upside, the middle Bollinger Band near ₹1,25,200 provides resistance, contributing to a near-term bearish tilt.
Analysts frame a cautious, “sell on rise” approach given near-term bearish pressure, while acknowledging that the longer-term bullish framework remains intact due to ongoing central bank purchases and gold’s role as a safe-haven asset amid inflationary concerns. The market is expected to stay volatile, highly sensitive to U.S. economic data and Federal Reserve policy signals, as traders weigh imminent data against established support and resistance benchmarks.
Overall, the current phase is viewed as a digestion period designed to build energy for the next move, with a clear bias toward near-term softness despite the enduring bullish underpinnings in the longer horizon.
“In the long term, the outlook for gold remains cautiously optimistic, primarily supported by persistent central bank buying and its enduring role as a safe-haven asset amidst global uncertainties and persistent inflation.”
Author’s note: a concise consolidation phase is likely before the next significant move, with risk management and vigilant monitoring of the ₹1,22,950–₹1,23,000 support and ₹1,25,800–₹1,26,500 resistance bands guiding trading decisions.
Author summary: The article outlines a short-term bearish consolidation in MCX Gold futures within a wider bullish context, emphasizing key support and resistance levels and a cautious trading stance ahead of major U.S. data and Fed signals.