Gold price prediction today: Gold prices exhibit improved technical momentum, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. Here is his strategy for gold investors:Gold futures on MCX traded around ₹1,09,340 in early sessions, with prices stabilizing after recent volatility as investors assess global cues and await clarity from the U.S. Fed on the September rate cut path. The technical structure suggests adopting a buy-on-dips strategy near ₹1,09,000 with a stop-loss at ₹1,08,650, while aiming for an upside move toward ₹1,10,200.Technical Setup:Moving Averages (EMA 8 & 21): The EMA 8 is attempting to cross above EMA 21 after a corrective phase, indicating a potential shift back into bullish territory. Holding above ₹1,09,000 will be crucial to sustain momentum. Bollinger Bands: Gold is currently trading around the mid-band after testing the lower Bollinger band in the previous session. A bounce from these levels reinforces dip-buying opportunities, with the upper band near ₹1,10,250 acting as resistance. Pivot Points (Previous Day):
- Support levels: ₹1,09,000 – ₹1,08,650
- Resistance levels: ₹1,09,950 – ₹1,10,200 Maintaining above the pivot support zone strengthens the bullish intraday bias.
- RSI Indicator: The RSI is at 57, comfortably above the neutral 50 zone, reflecting recovering momentum with space for further upside before nearing overbought levels.
- MACD: The MACD line is flattening but remains close to the signal line, with potential to turn positive if buying interest sustains above support.
- ADX: ADX readings indicate moderate trend strength, suggesting consolidation with a bullish tilt if prices sustain above ₹1,09,000.
Gold Intraday View:
- Strategy: Buy on dips
- Entry Zone: ₹1,09,000 – ₹1,09,050
- Stop-Loss: ₹1,08,650
- Upside Target: ₹1,10,200
- Bias: Bullish above ₹1,09,000; weakness only below ₹1,08,650.
Conclusion: Gold’s intraday setup indicates improving technical momentum supported by EMAs, RSI recovery, and Bollinger band positioning. Traders should look for dip-buying opportunities near ₹1,09,000 with defined risk at ₹1,08,650 and potential upside toward ₹1,10,200. (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)
