Gold Price Prediction Today: Analyst Highlights Positive Bias and Bullish Setup
Gold rates are currently exhibiting a positive bias, according to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities. In his detailed analysis on the intraday trading outlook, Trivedi notes that gold April futures on the Multi Commodity Exchange (MCX) are trading near ₹1,60,100. This follows a sharp rebound from intraday lows around ₹1,58,500, indicating a recovery driven by short-covering and fresh buying interest emerging at lower levels.
Technical Setup Signals Improving Momentum
The short-term structure now suggests a continuation bounce, provided key support levels hold firm. Here is a breakdown of the technical indicators:
EMA 8 & EMA 21: The price has reclaimed the short-term exponential moving average cluster after a strong rebound. The 8 EMA is turning upward and attempting to cross above the 21 EMA, which signals improving intraday momentum. Sustaining above ₹1,60,000 strengthens the bullish setup.
Price Structure: The chart reflects a V-shaped recovery from lower levels, with higher lows forming on the 30-minute timeframe. This pattern suggests that buyers are aggressively defending dips, adding to the positive sentiment.
RSI Indicator: The Relative Strength Index is near 57, comfortably above the neutral 50 level. This indicates strengthening bullish momentum without entering overbought territory, supporting further upside potential.
MACD: The Moving Average Convergence Divergence has turned positive with a bullish crossover and expanding green histogram bars, confirming the recovery momentum.
Volume & Open Interest: Rising prices with stabilizing open interest suggest short-covering support, which adds strength to the rebound and reinforces the bullish outlook.
Intraday Trading Strategy and Recommendations
Based on this analysis, the intraday trading view for gold is as follows:
- Strategy: Buy on dips
- Entry Level: ₹1,60,100
- Stop-Loss: Below ₹1,59,400
- Targets: ₹1,60,600 and ₹1,61,000
- Bias: Bullish above ₹1,60,000; weakness resumes only below ₹1,59,400
Gold's intraday technical structure has shifted positive after reclaiming key resistance levels and forming a strong recovery pattern. Momentum indicators support further upside extension toward ₹1,60,600 and ₹1,61,000. Traders are advised to initiate long positions near ₹1,60,100, maintain a strict stop-loss below ₹1,59,400, and look for continuation gains during the trading session.
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India or Bharat Horizon.
