Gold price prediction today: Gold’s intraday outlook from a technical standpoint is positive, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. Below is what he has to say:MCX Gold October futures are showing a strong intraday recovery, with prices trading around Rs 1,53,870 after breaking above the recent consolidation zone. The 30-minute chart indicates improving buying momentum, supported by a strong price structure and a sustained move above the key moving-average and trend-support levels.The recent price action shows Gold forming higher highs and higher lows after finding support near Rs 1,51,000–Rs 1,51,500. The sharp upward move has also been accompanied by improving volume and a recovery in open interest, suggesting increased participation in the current move.Traders can therefore look for buying opportunities near Rs 1,53,650, with a strict stop-loss below Rs 1,52,900 and an upside target of Rs 1,54,600.
Technical Setup
EMA 8 & EMA 21:The short-term moving averages have turned positive, with price sustaining above the moving-average zone. The faster average is positioned above the slower average, indicating improving short-term momentum. As long as Gold holds above Rs 1,53,000–Rs 1,53,200, the immediate structure remains supportive.Trend Indicator / Price Structure:The white trend-support line has moved higher and is currently well below the market price, confirming that the broader intraday trend has turned positive. The recent breakout from the Rs 1,52,500 region further strengthens the bullish price structure.MACD:The MACD is firmly in positive territory, with the MACD line trading above the signal line. The histogram has also turned positive, indicating that upside momentum is gaining strength. This supports the possibility of continuation towards the Rs 1,54,600 target.Volume:The latest upward move has been accompanied by noticeable volume expansion. This provides additional confirmation that the recent price recovery is supported by market participation rather than being purely a low-volume bounce.Open Interest:Open interest has recovered from the recent decline and is moving higher along with price. This combination indicates fresh participation in the current upward move and supports the positive intraday structure.
Intraday Trading Strategy
* Strategy: Buy on Dips* Buy Zone: Rs 1,53,650* Stop-Loss: Below Rs 1,52,900* Target: Rs 1,54,600
Gold Price Outlook
Gold’s intraday technical setup remains positive following the decisive recovery from lower levels. The combination of higher price structure, positive MACD, improving volume and rising open interest suggests that buying interest is strengthening. The Rs 1,53,650 region can act as an immediate entry zone, while Rs 1,52,900 remains the key risk-management level.A sustained hold above Rs 1,53,650 could extend the current momentum towards Rs 1,54,000–Rs 1,54,600. A decisive break above Rs 1,54,600 may further improve the upside structure. However, a break below Rs 1,52,900 would weaken the immediate bullish setup.Overall Bias: Bullish above Rs 1,52,900; Buy on dips near Rs 1,53,650.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)
