Gold price prediction today: Gold prices will likely dip in the session and traders should sell on any rise, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. Here is his strategy for gold investors:Gold futures on MCX extended losses, slipping sharply towards ₹1,20,500 after a steep fall from the recent high near ₹1,23,800. The yellow metal remains under pressure amid profit-booking and technical weakness, with traders now eyeing support near ₹1,19,800–₹1,19,100. The intraday setup signals that any pullback could face resistance, favoring a sell-on-rise approach for the day.
Gold Technical Setup:
Moving Averages (EMA 8 & EMA 21): The short-term EMA 8 has crossed below EMA 21, confirming a bearish crossover. This shift indicates that the short-term trend has reversed to the downside, with resistance now placed around ₹1,21,800–₹1,22,300. Bollinger Bands: Gold prices have broken below the mid-band and are hovering near the lower band, reflecting strong downward momentum. However, slight intraday bounces may occur before further declines resume. Pivot Points (Previous Day):
- Resistance levels: ₹1,21,800 – ₹1,22,650
- Support levels: ₹1,19,800 – ₹1,19,100 Sustained trade below the pivot level of ₹1,21,200 will maintain bearish bias.
- RSI Indicator: The RSI is currently around 27, indicating oversold territory. While a short-term pullback cannot be ruled out, the overall trend remains weak until RSI climbs above 40.
- MACD: The MACD continues to trade below the signal line with expanding negative histogram bars, confirming bearish momentum and consistent selling pressure.
- ADX: The ADX line is rising, showing strengthening trend momentum — reinforcing the bearish view for the day.
Gold Intraday View:
- Strategy: Sell on rise
- Entry Zone: ₹1,21,200 – ₹1,21,500
- Stop-Loss: ₹1,22,650
- Targets: ₹1,20,000 and ₹1,19,100
- Bias: Bearish below ₹1,21,800
Conclusion:Gold’s intraday structure reflects strong downside momentum after a decisive EMA crossover and breakdown below the Bollinger mid-band. The weak RSI and negative MACD further strengthen the bearish tone. Traders are advised to sell on rise near ₹1,21,200–₹1,21,500, with downside targets of ₹1,20,000 and ₹1,19,100, keeping a strict stop-loss at ₹1,22,650.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
