Gold price prediction today: Gold rates have been stabilizing and analysts are eyeing a buy on dips strategy. Here’s the analysis from Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities:Gold prices on MCX are currently trading around ₹99,300, showing signs of stabilization after recent declines. The short-term structure on the charts suggests that a Buy on Dips strategy may be favored, especially near the ₹99,000 pivot support zone, with a stop-loss placed at ₹98,600.Technical Setup Overview: 1. Pivot Points & Support Zone: • Daily Pivot stands at ₹99,074, with immediate support near ₹99,000. • Stronger support lies at ₹98,743 (S1) and ₹98,182 (S2). • On the higher side, resistance levels are visible at ₹99,970 (R2) and ₹1,00,531 (R3). 2. Bollinger Bands – Price Stabilization:Gold recently tested the lower Bollinger band and has now started consolidating near the mid-band. This reflects fading downside pressure, with scope for a bounce if momentum sustains above the pivot levels. 3. Momentum Indicators – RSI & MACD: • RSI is currently near 48, recovering from oversold territory, indicating renewed buying strength. • MACD is turning positive with a crossover near the signal line, suggesting improving bullish momentum in the intraday timeframe. 4. ADX – Trend Strength:The ADX reading near 24 reflects that the recent downtrend is losing steam, while directional indicators (DI+) are catching up. This hints at the possibility of a near-term trend reversal towards the upside. 5. Volume Action:Recent green volume bars indicate accumulation at lower levels, supporting the case for a buy-on-dips approach.Intraday Trade View: • Strategy: Buy on Dips • Entry Zone: ₹99,000 – ₹99,050 • Stop-Loss: ₹98,600 • Upside Targets: • First Target: ₹99,750 (R2 resistance) • Second Target: ₹1,00,300 – ₹1,00,530 (R3 resistance) • Bias: Bullish above ₹99,000; weakness resumes only if price closes below ₹98,600.Conclusion:With RSI recovering, MACD turning positive, and prices holding above the key pivot support of ₹99,000, the technical setup favors a buy on dips strategy for intraday traders. If gold sustains above ₹99,750, it could open the path towards ₹1,00,500+ in the short term.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
