Gold price prediction: Gold is rally, but should you buy?
MCX Gold October futures continue to trade with a firm bullish bias, with prices holding near Rs 1,60,900 after extending their recent uptrend. The chart shows a clear sequence of higher highs and higher lows, supported by positive moving-average alignment and sustained buying interest.
Gold prices are experiencing a bullish trend, according to Jateen Trivedi, VP Research Analyst at LKP Securities. He suggests that traders should not rush to buy at higher rates, as MCX Gold October futures continue to show strong bullish bias around Rs 1,60,900. The RSI has entered the overbought zone, yet the overall trend remains solid.
Technical indicators like EMA 8 and EMA 21 are positively aligned, with prices trading above these averages. Bollinger Bands indicate the metal is near the upper band, signifying strong buying pressure. The pivot points remain supportive, with the immediate support zone being crucial for the bullish intraday trend. The RSI at 71 suggests an overbought condition but shouldn't be considered a reversal signal in a robust market.
The MACD also supports the bullish trend. The recommendation is to buy on dips, targeting a range of Rs 1,60,600–Rs 1,60,700 with a stop-loss below Rs 1,59,500 and aiming for Rs 1,61,500–Rs 1,62,000. A significant break below Rs 1,59,500 could weaken the bullish setup.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
