Gold price prediction today: Gold prices continue to be volatile and a buy on dips strategy is recommended for today, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities recommends a buy on dip strategy.Gold June futures on MCX are trading near ₹1,51,350 after a sharp intraday decline followed by signs of stabilization. The recent price action suggests that selling pressure is easing near immediate support levels, with buyers gradually stepping in. The structure indicates a potential recovery bounce from the current zone.
Gold Technical Setup
EMA 8 & EMA 21:Price is attempting to stabilize around the short-term EMA cluster after a sharp fall. While EMA 8 remains below EMA 21, flattening of the averages suggests that downside momentum is slowing and a pullback can emerge.Gold has tested the lower Bollinger band and is attempting to revert toward the mid-band, indicating a mean reversion setup.Price Structure:The chart reflects a breakdown followed by base formation near ₹1,51,000 levels. Formation of small-bodied candles indicates absorption of selling pressure.RSI is near 41, recovering from oversold territory, suggesting scope for a corrective bounce.MACD remains negative but flattening, indicating that bearish momentum is weakening.Gold Intraday Trading View: Buy on Dips Strategy; Support Zone Near ₹1,51,100–₹1,51,350• Strategy: Buy on dips• Entry Zone: ₹1,51,100 – ₹1,51,350• Stop-Loss: Below ₹1,50,500• Target: ₹1,52,200• Bias: Recovery above ₹1,51,100; weakness resumes below ₹1,50,500(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)
