Gold price prediction today: Gold rates suggest a ‘buy on dips’ strategy, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. Here is his strategy for gold investors:Gold futures on MCX traded steadily near ₹1,02,150, holding onto their upward momentum as technical indicators continue to signal strength. The price action suggests that intraday traders can look for buying opportunities on dips near ₹1,01,850, with a stop-loss placed at ₹1,01,450.
Gold Technical Setup:
1. Moving Averages (EMA 8 & EMA 21):o The short-term EMA 8 is trending above the EMA 21, confirming bullish momentum. o As long as prices remain above ₹1,01,850, the uptrend remains intact.2. Bollinger Bands:o Gold is currently trading near the upper Bollinger band, showing strength but also cautioning against overextension. o A pullback towards the mid-band could offer a fresh entry zone. 3. Pivot Points (Previous Day):o Support levels: ₹1,01,850 – ₹1,01,750. o Resistance levels: ₹1,02,260 – ₹1,02,400. o Sustained trade above pivot support keeps the bullish bias intact.4. RSI Indicator:o The RSI is at 68, near overbought territory but still below the critical 70 mark. o This suggests momentum remains bullish, though a minor dip could occur before continuation. 5. MACD:o The MACD line is above the signal line, adding further confirmation of bullish strength. o Positive histogram bars reflect sustained buying interest. Gold Intraday View:
- Strategy: Buy on dips
- Entry Zone: ₹1,01,850 – ₹1,01,900
- Stop-Loss: ₹1,01,450
Upside Targets:o First Target: ₹1,02,260 o Second Target: ₹1,02,400Bias: Bullish above ₹1,01,850; weakness resumes only if price breaks below ₹1,01,450. (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)
