Gold price prediction today: Gold prices are showing an intraday weakening bias, and traders should look to sell on rise, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. Here is his strategy for gold investors:Gold futures on MCX traded around ₹1,22,624, extending their consolidation as the market struggled to sustain momentum above short-term resistance levels. The recent price action suggests a shift in sentiment toward cautious selling on rallies, particularly as technical indicators begin to show fatigue near the higher band of the recent range.
Gold Technical Setup:
Moving Averages (EMA 8 & EMA 21): The short-term EMA 8 has slipped below the EMA 21, forming a bearish crossover. This indicates weakening momentum, with resistance now placed in the ₹1,22,700–₹1,22,850 zone. Sustaining below this range could invite further downside pressure.Bollinger Bands: Gold prices have retreated from the upper Bollinger band and are now testing the mid-band. This structure signals a cooling phase in the up move, suggesting that rallies are likely to face selling interest near the resistance area. Pivot Points (Previous Day):
- Resistance levels: ₹1,22,700 – ₹1,22,850 – ₹1,23,200
- Support levels: ₹1,22,100 – ₹1,21,900 – ₹1,21,200 A failure to close above the pivot resistance near ₹1,22,850 reinforces the near-term bearish bias.
- RSI Indicator: The RSI is currently around 45, indicating a neutral-to-weak tone and showing no immediate signs of a rebound. It reflects limited buying strength and supports a sell-on-rise outlook.
- MACD: The MACD has turned negative, with the signal line positioned above the MACD line. This bearish setup suggests momentum remains on the downside.
Gold Intraday View:
- Strategy: Sell on rise
- Entry Zone: ₹1,22,700 – ₹1,22,850
- Stop-Loss: ₹1,23,200
- Downside Targets: ₹1,22,100 and ₹1,21,900
- Bias: Bearish below ₹1,22,850; weakness likely to intensify if price sustains below ₹1,22,200.
Conclusion: Gold’s intraday technical setup points to a weakening bias as short-term averages turn negative and momentum oscillators lean lower. Traders are advised to adopt a sell-on-rise strategy near ₹1,22,700–₹1,22,850, keeping a stop-loss at ₹1,23,200 and aiming for downside targets of ₹1,22,100 and ₹1,21,900. A sustained move below ₹1,22,200 may trigger extended selling pressure in the upcoming session. (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)
