Gold Price Prediction Today: Technical Indicators Signal Constructive Setup for Bullish Momentum
Gold futures on the Multi Commodity Exchange (MCX) are demonstrating a positive intraday construct, with market analysts suggesting investors consider buying opportunities during price dips. According to Jateen Trivedi, Vice President Research Analyst for Commodity and Currency at LKP Securities, the current technical landscape favors a bullish continuation pattern.
Current Market Position and Price Action Analysis
Gold futures on MCX are currently trading near ₹1,56,540, having recovered significantly from intraday lows. This price action indicates a base formation above crucial short-term support levels, with buyers gradually regaining market control. The broader intraday structure suggests that recent pullbacks are corrective in nature, and the upward movement is likely to continue if prices maintain their position above the breakout zone.
Detailed Technical Setup and Indicator Analysis
Exponential Moving Averages (EMA): The 8-period EMA has turned upward and is attempting to cross above the 21-period EMA, reflecting improving short-term momentum. Price sustainability above this EMA cluster supports a bullish intraday bias and indicates that market dips are being absorbed by active buyers.
Bollinger Bands Analysis: Gold has rebounded from the lower Bollinger band and is now moving toward the mid-band. This technical shift suggests easing selling pressure and opens room for potential movement toward the upper band near ₹1,60,000 if current momentum sustains.
Pivot Points from Previous Trading Session:
- Buy Zone: ₹1,57,500 – ₹1,58,000
- Key Support Level: ₹1,55,000
- Resistance Levels: ₹1,59,200 followed by ₹1,60,000
Maintaining position above the pivot support zone strengthens the bullish continuation outlook for gold prices.
Relative Strength Index (RSI): The RSI indicator is currently hovering in the 55–58 zone, indicating recovering momentum with sufficient room for further upside before approaching overbought territory.
Moving Average Convergence Divergence (MACD): The MACD has turned positive with the histogram shifting into green territory, confirming a bullish crossover and strengthening upside momentum signals.
Intraday Trading Strategy and Recommendations
Trading Strategy: Buy on dips approach recommended
Optimal Entry Zone: ₹1,57,500 – ₹1,58,000
Stop-Loss Placement: Below ₹1,55,000
Upside Target: ₹1,60,000
Market Bias: Bullish above ₹1,57,500; weakness only expected below ₹1,55,000
Conclusion and Market Outlook
Gold's intraday technical structure has turned constructive, supported by the EMA crossover, improving RSI readings, and a positive MACD setup. The successful defense of lower support levels suggests that buyers remain active during price declines. Market participants are advised to consider initiating long positions within the ₹1,57,500–₹1,58,000 range, maintain strict stop-loss discipline below ₹1,55,000, and anticipate an upward movement toward ₹1,60,000 during the trading session.
The overall bias remains favorable for buying on dips, with key support at ₹1,57,500 and primary target at ₹1,60,000. Market participants should monitor these technical levels closely while considering their individual risk tolerance and investment objectives.
