Gold price prediction today: Gold prices are volatile with any dips allowing investors to buy, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. Gold April futures on MCX are trading near ₹1,60,500 after witnessing a sharp correction from higher levels earlier in the session. The price action now suggests stabilization near the immediate support band, with buyers attempting to defend lower levels. The current structure indicates that the decline may be nearing exhaustion, opening room for a technical rebound during the session.
Gold Technical Setup
Prices are attempting to stabilize around the short-term moving average cluster. The 8 EMA is flattening while the 21 EMA is acting as dynamic resistance. A sustained move above the ₹1,60,300–₹1,60,500 zone could trigger short covering and support a recovery move.Gold has recently tested the lower Bollinger band and is attempting a bounce toward the mid-band. This suggests that downside momentum may be slowing, allowing room for a corrective upside move.The chart reflects a sharp intraday decline followed by consolidation near support. Formation of higher lows in the recent candles indicates accumulation at lower levels.RSI is hovering near 46, gradually recovering from oversold levels. This indicates improving momentum with potential for a bounce toward neutral territory.MACD remains in negative territory but is showing signs of flattening, indicating that selling pressure is losing strength and a short-term recovery may emerge.
Gold Intraday Trading View
- Strategy: Buy on dips
- Entry Level: ₹1,60,300
- Stop-Loss: Below ₹1,59,600
Upside Targets:
- First Target: ₹1,61,000
- Second Target: ₹1,61,300
Bullish above ₹1,60,300; weakness resumes only below ₹1,59,600.(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)
