Gold price prediction at this time: Gold costs are exhibiting bullish tendencies and traders ought to look at a ‘buy on dips’ technique, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. Here is his technique for gold traders:Gold futures on MCX hovered close to ₹1,08,979, exhibiting resilience as merchants await key US financial information and readability on the Fed’s September coverage assembly. With expectations of a price reduce supporting bullion, the technical construction suggests a buy-on-dips technique close to ₹1,09,000 with an outlined stop-loss at ₹1,08,600.Technical Setup:Moving Averages (EMA 8 & 21): The EMA 8 is making an attempt to remain above the EMA 21, highlighting bettering bullish momentum. As lengthy as costs maintain above ₹1,09,000, consumers are prone to stay energetic.Bollinger Bands: Gold is transferring nearer to the higher half of the band, with contraction hinting at a doable breakout. Buying dips round the mid-band close to ₹1,09,000 stays favorable. Pivot Points (Previous Day):
- Support ranges: ₹1,09,000 – ₹1,08,600
- Resistance ranges: ₹1,09,800 – ₹1,10,000 A sustained transfer above the support zone strengthens the bullish outlook for an intraday rise.
- RSI Indicator: The RSI is holding round 55, effectively under overbought territory, suggesting ample room for additional upside momentum.
- MACD: MACD is buying and selling above the sign line with a constructive histogram, reaffirming strengthening bullish bias.
Intraday View:
- Strategy: Buy on dips
- Entry Zone: ₹1,09,000 – ₹1,09,050
- Stop-Loss: ₹1,08,600
- Upside Target: ₹1,10,000
- Bias: Bullish above ₹1,09,000; weak spot resumes provided that price breaks under ₹1,08,600.
Conclusion: Gold’s intraday technicals stay supportive of additional good points with EMAs holding agency, RSI in a constructive zone, and MACD confirming bullish indicators. Traders ought to undertake a buy-on-dips technique close to ₹1,09,000 with a stop-loss at ₹1,08,600, eyeing an upside transfer in direction of ₹1,10,000. (Disclaimer: Recommendations and views on the inventory market and different asset lessons given by consultants are their very own. These opinions don’t signify the views of The Times of India)