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: ₹1,02,400
Bias: 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)
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