Gold price prediction today: Gold prices are favouring a buy on dips strategy, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.MCX Gold August futures have witnessed a sharp intraday recovery after finding strong buying interest near lower support levels, indicating that the recent corrective phase may be nearing completion. The rebound has been accompanied by improving momentum indicators and a positive crossover in short-term price action, suggesting that buyers are gradually regaining control.Although volatility remains elevated due to uncertainty surrounding global trade policies, geopolitical developments and expectations over the US Federal Reserve’s monetary policy, the overall technical setup favours accumulating long positions on declines rather than chasing prices at higher levels. Traders may therefore consider buying Gold in the Rs 1,40,750–Rs 1,40,800 zone, with a protective stop-loss below Rs 1,40,000 for an upside move towards Rs 1,42,000.From a technical perspective, the 8-period EMA has started turning higher and is attempting to cross above the 21-period EMA, reflecting improving short-term momentum. Prices have also reclaimed the immediate moving average resistance after bouncing from intraday lows, suggesting that buying pressure is gradually strengthening. As long as prices continue to hold above the Rs 1,40,000 support area, the recovery is likely to remain intact.The Bollinger Band structure also indicates a potential reversal. Gold had earlier tested the lower Bollinger Band before witnessing a sharp rebound towards the middle band. Such price action generally reflects exhaustion in selling pressure and the emergence of value buying. A sustained move above the middle band could encourage fresh momentum buying towards the upper Bollinger Band during the session.Previous day’s Pivot Point analysis further supports the constructive outlook. Prices are attempting to regain the pivot zone after defending key support levels. Sustained trading above the pivot could trigger short covering and improve the probability of an extension towards the day’s higher resistance levels.Momentum indicators continue to show signs of improvement. The MACD has generated a fresh bullish crossover with the histogram turning positive after a prolonged period of weakness, indicating that downside momentum is fading and buying strength is gradually returning. Meanwhile, the RSI has recovered from lower levels and is moving higher, reflecting improving market sentiment without entering overbought territory. This leaves sufficient room for further upside if buying momentum continues during the session.
Intraday Trading Strategy
- Strategy: Buy on Dips
- Entry Zone: Rs 1,40,750 – Rs 1,40,800
- Stop-Loss: Below Rs 1,40,000
- Target: Rs 1,42,000
Gold Price Outlook
The overall technical setup indicates that Gold is attempting to establish a short-term base after the recent correction. Improving EMA alignment, a bullish MACD crossover, recovering RSI and price reclaiming the pivot zone collectively point towards strengthening buying momentum.While global developments related to the Federal Reserve’s policy outlook and geopolitical tensions may keep volatility elevated, the technical structure currently favours a buy-on-dips approach. As long as Gold sustains above Rs 1,40,000, the recovery is expected to extend towards Rs 1,42,000, with intermittent profit booking likely to remain a buying opportunity rather than a trend reversal.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)
