Gold has recovered from the lower band and is now trading in the upper half of the Bollinger Band structure.

Gold price prediction today: From a technical perspective the outlook for gold appears to be constructive, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. MCX Gold October futures are trading around Rs 1,55,250 and continue to maintain a constructive short-term structure after a sharp recovery from the recent lows. The chart shows a sequence of higher highs and higher lows, while prices are holding above the key short-term moving averages. The recent consolidation near Rs 1,55,000-Rs 1,55,200 appears to be a healthy pause after the recovery, keeping the possibility of further upside open. Traders may therefore consider a buy-on-dips strategy near Rs 1,55,000-Rs 1,55,200, with a strict stop-loss below Rs 1,53,400, targeting Rs 1,57,200.Technical SetupEMA 8 & EMA 21:The short-term moving averages have turned positive, with the faster EMA 8 maintaining a bullish alignment over the EMA 21. Prices are also sustaining above these averages, indicating that buying interest remains intact. The moving averages should continue to act as immediate dynamic support during intraday corrections.Bollinger Bands:Gold has recovered from the lower band and is now trading in the upper half of the Bollinger Band structure. The recent consolidation near Rs 1,55,000 indicates that prices are absorbing supply at higher levels. A sustained move above the immediate resistance zone could result in an expansion towards the upper band and support the next leg of the rally.Pivot Points:The previous day’s pivot structure remains supportive, with Gold trading above the important support zone. The Rs 1,55,000-Rs 1,55,200 region is emerging as an important base for the current move. Holding this area would keep the intraday setup positive, while a sustained break below the key support could weaken the bullish structure.RSI (14):The RSI is around 56, indicating positive but not overheated momentum. The indicator remains comfortably above the neutral 50 mark, suggesting that buyers retain control while leaving room for further upside before reaching overbought territory.MACD:The MACD structure is supportive of the recovery, with price momentum improving after the recent correction. Continued positive momentum would strengthen the probability of an upside extension towards the higher resistance levels.

Intraday Trading Strategy

Gold Price Outlook

The overall technical setup for Gold remains constructive, supported by improving moving-average alignment, a recovering Bollinger Band structure and an RSI holding above the neutral 50 level. The recent consolidation appears to be forming a base rather than signalling a major reversal. As long as Gold sustains above Rs 1,53,400, traders can maintain a buy-on-dips approach, with the Rs 1,55,000-Rs 1,55,200 zone offering a favourable risk-reward entry.A sustained move above the immediate resistance could accelerate buying momentum and push prices towards Rs 1,56,200-Rs 1,57,200. However, a decisive break below Rs 1,53,400 would invalidate the bullish intraday setup and indicate renewed selling pressure.(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.)