New Delhi: After scaling record high by breaching $5,500 per ounce in the international market on January 29, 2026, Gold has been facing volatility after the US-Israel and Iran war began on February 28. In India, the 24-karat gold reached a fresh peak of Rs 17,885 per gram on 29 January. While analysts are of the view that Gold may face some selling pressure this week, Ajay Suresh Kedia, the founder of Kedia Advisory said that currently the yellow metal is in a correction phase, but the bigger picture remains bullish. This is not a trend reversal — it’s a setup for the next major move.
Commodity expert Kedia said that Gold price is hovering near $4,700 with key supports at $4,100 – $3,450. He said that the correction is driven as the US Dollar is strengthening, ETF unwinding and liquidity pressure.
Drivers Behind Gold’s Correction & Key Support Levels
Presenting his Gold outlook, he further said that fundamentals remain strong as inflation, debt, geopolitics and central bank demand intact. Kedia said that the technical view is that ‘Wave 4 correction’ is in progress, and base formation for the yellow metal is awaited.
Ajay Suresh Kedia projected Gold rally to come in future, saying a big target is intact: $6,180 → $8,000+ in next structural rally
- All-Time High: $5602.22
- Current Price: $4700
- Base Case Floor: $4,100
- Max Extension: $3450
- Next Structural Target: $6180-$8000+
DOWNSIDE — CORRECTION PRICE MAP
Wave (b) Relief Bounce First Current relief bounce zone before next leg lower $4,950–5,050
Fib 0.382 — First Support Recent tested level — initial bull case floor $4,100
Fib 0.500 — Base Case Floor ★ Wave 4 + structural confluence — primary correction target $3,450
100-Week EMA — Extreme Support Zone Last line of defense in forced liquidation scenario $3,300-3,400
UPSIDE — RECOVERY PRICE MAP
Prior ATH — First Resistance January 2026 · Must be exceeded on monthly close $5,602
Our Target Year-end base case — unchanged despite correction $6,180
Institutional Target’s Year-end target — maintained despite correction $6,000+
Macro / Structural Target Post-correction bull run — Kedia Advisory view $8,000
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold, silver, crypto assets and commodities like Copper, aluminium)
(Kedia Advisory disclaimer: This report is prepared for informational and educational purposes only. It does not constitute investment advice or a recommendation to buy or sell any financial instrument. All price targets and projections represent analytical estimates. Past performance is not indicative of future results. Please consult your qualified financial advisor before making any investment decisions)