Gold price prediction today: Gold rates are moving upwards as demand for safe haven assets stays in focus. Where are gold prices headed and what should investors do? Here’s the analysis from Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities:Gold October Futures on MCX extended their upward momentum in early trade, supported by strong buying interest and a technical breakout above key short-term resistance levels. The contract is currently trading around ₹1,01,930 after hitting an intraday high near ₹1,02,300. Market structure and momentum indicators favor a Buy on Dips approach, with ideal entry opportunities near ₹1,01,500 and a stop-loss at ₹1,00,800.
Gold Technical Setup Overview:
1. EMA Alignment – Short-Term Bullish Bias:The 8-period EMA (₹1,01,900) has crossed above the 21-period EMA (₹1,01,500), signalling bullish momentum. Price action is holding above both averages, suggesting that pullbacks to the ₹1,01,500 zone are likely to attract fresh buying.2. Bollinger Bands – Expansion Phase:Price is trading near the upper band after a volatility expansion, indicating strong upside momentum. While short-term consolidation is possible, the broader bias remains positive unless the middle band (near ₹1,01,500) is breached decisively.3. Pivot Point & Support Zones:Yesterday’s pivot levels place strong support around ₹1,01,500, which also aligns with EMA 21 and a previous breakout zone. This confluence makes it a key demand area for intraday traders.4. Momentum Indicators – RSI & MACD: • RSI is holding comfortably above the 60 level, showing strength but not yet in extreme overbought territory. • MACD is in positive crossover territory, supporting continuation of the upward trend.5. Volume & Open Interest:A surge in volume during the breakout rally indicates strong participation from buyers. Open interest remains steady, hinting that positions are being built rather than liquidated.Intraday Trade View: • Strategy: Buy on Dips • Entry Zone: ₹1,01,500–₹1,01,550 • Stop-Loss: ₹1,00,800 • Upside Targets: ₹1,02,300 followed by ₹1,02,800 if momentum sustains • Bias: Bullish until price closes below ₹1,01,500 on the 30-minute chartConclusion:The confluence of EMA support, positive momentum indicators, and strong volume-backed breakout suggests that gold remains in an intraday uptrend. Traders may look to accumulate on dips towards ₹1,01,500, keeping a tight risk management framework. A sustained move above ₹1,02,300 could open the gates for further upside in the short term.(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)
