Gold price prediction today: Gold prices are showing bullish trends and investors should look at 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 hovered near ₹1,08,979, showing resilience as traders await key US economic data and clarity on the Fed’s September policy meeting. With expectations of a rate cut supporting bullion, the technical structure suggests a buy-on-dips strategy near ₹1,09,000 with a defined stop-loss at ₹1,08,600.Technical Setup:Moving Averages (EMA 8 & 21): The EMA 8 is attempting to stay above the EMA 21, highlighting improving bullish momentum. As long as prices hold above ₹1,09,000, buyers are likely to remain active.Bollinger Bands: Gold is moving closer to the upper half of the band, with contraction hinting at a possible breakout. Buying dips around the mid-band near ₹1,09,000 remains favorable. Pivot Points (Previous Day):
- Support levels: ₹1,09,000 – ₹1,08,600
- Resistance levels: ₹1,09,800 – ₹1,10,000 A sustained move above the support zone strengthens the bullish outlook for an intraday rise.
- RSI Indicator: The RSI is holding around 55, well below overbought territory, suggesting ample room for further upside momentum.
- MACD: MACD is trading above the signal line with a positive histogram, reaffirming strengthening bullish bias.
Intraday View:
- Strategy: Buy on dips
- Entry Zone: ₹1,09,000 – ₹1,09,050
- Stop-Loss: ₹1,08,600
- Upside Target: ₹1,10,000
- Bias: Bullish above ₹1,09,000; weakness resumes only if price breaks below ₹1,08,600.
Conclusion: Gold’s intraday technicals remain supportive of further gains with EMAs holding firm, RSI in a positive zone, and MACD confirming bullish signals. Traders should adopt a buy-on-dips strategy near ₹1,09,000 with a stop-loss at ₹1,08,600, eyeing an upside move towards ₹1,10,000. (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)
