Gold price prediction today: In today’s session, gold is exhibiting a bullish bias, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, recommending a buy on dips strategy.MCX Gold August futures continue to trade with a firm undertone after witnessing a strong recovery from lower levels. The price is comfortably trading above the short-term moving averages and previous day’s pivot support, indicating that bulls remain in control despite the RSI entering the overbought zone. Traders may look to buy on dips near Rs 1,47,400, with a strict stop-loss below Rs 1,46,800.Technical SetupEMA 8 & EMA 21:The 8-period EMA continues to trade above the 21-period EMA, confirming sustained short-term bullish momentum. The moving averages are sloping higher, suggesting that every decline is likely to attract fresh buying interest.Bollinger Bands:Gold is trading close to the upper Bollinger Band, reflecting strong buying momentum. While prices may witness minor intraday consolidation, any pullback towards the middle band is expected to offer a favourable buying opportunity.Pivot Points:The previous day’s pivot level is acting as immediate support, while prices continue to trade above the CPR zone. Holding above the pivot keeps the short-term trend positive and favours continuation towards higher resistance levels.RSI (14):The RSI is trading near 73, indicating strong momentum. Although the indicator is in the overbought territory, it also reflects the strength of the prevailing uptrend. During trending markets, RSI can remain elevated for extended periods.MACD:The MACD remains above the signal line with positive histogram bars, indicating improving upside momentum and confirming the prevailing bullish structure.
Intraday Trading Strategy
- Strategy: Buy on Dips
- Entry Zone: Rs 1,47,400
- Stop-Loss: Below Rs 1,46,800
- Target 1: Rs 1,48,150
- Target 2: Rs 1,48,600 (extended)
Gold Price Outlook
Gold continues to exhibit a constructive technical structure as higher highs and higher lows remain intact. The bullish crossover of short-term moving averages, positive MACD, and sustained trade above the previous day’s pivot support indicate that buying sentiment remains favourable.Although RSI has entered the overbought region, momentum indicators suggest that the trend is still strong rather than exhausted. As long as prices hold above Rs 1,46,800, traders should maintain a buy-on-dips approach, with the potential for a move towards Rs 1,48,150–1,48,600 during the session.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)
