Gold price prediction: Should you buy gold on dips?
MCX Gold October futures are showing a strong intraday recovery, with prices trading around Rs 1,53,870 after breaking above the recent consolidation zone.
Gold's technical outlook today appears favorable, according to Jateen Trivedi, a VP Research Analyst at LKP Securities. The MCX Gold October futures have exhibited a strong recovery, currently trading around Rs 1,53,870. This follows a breakout above the recent consolidation zone and positive buying momentum indicated by the 30-minute chart.
Higher highs and higher lows in price action suggest a lasting pattern supported by increasing volume and recovery in open interest. This indicates growing participation in the upward trend. Traders are advised to consider buying opportunities near Rs 1,53,650, with a stop-loss placed below Rs 1,52,900 and an upside target of Rs 1,54,600.
The technical setup includes positive short-term moving averages, with the faster average above the slower one, signaling improved short-term momentum. The trend-support line has moved higher and is now well below the market price, confirming a positive intraday trend. The MACD is also in positive territory, suggesting strengthening upside momentum.
The combination of these factors suggests that buying interest is strengthening and that the current bullish outlook is supported by robust market participation.
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.
