Gold prices on MCX are currently trading around ₹99,300, showing stability after recent declines. Market experts suggest that traders can consider a “Buy on Dips” strategy, especially near the ₹99,000 support level, while keeping a stop-loss at ₹98,600.
Key Technical Highlights:
- Support & Resistance Levels
- Immediate support is around ₹99,000.
- Stronger supports are at ₹98,743 and ₹98,182.
- On the upside, resistance is at ₹99,970 and ₹1,00,531.
- Bollinger Bands (Price Stability)
- Gold tested the lower Bollinger band but is now consolidating near the middle.
- This shows that downside pressure is reducing, and a bounce is possible if prices hold above pivot levels.
- Momentum Indicators (RSI & MACD)
- RSI is at 48, recovering from oversold levels, which shows fresh buying interest.
- MACD is turning positive, indicating improving bullish momentum in intraday trade.
- ADX (Trend Strength)
- ADX near 24 suggests the recent downtrend is weakening.
- Indicators are pointing towards a possible trend reversal to the upside.
- Volume Action
- Recent buying volumes show accumulation at lower levels, further supporting the buy on dips view.
Intraday Trading Strategy:
- Buy Zone: ₹99,000 – ₹99,050
- Stop-Loss: ₹98,600
- Targets:
- First Target: ₹99,750
- Second Target: ₹1,00,300 – ₹1,00,530
- Market Bias: Bullish above ₹99,000. Weakness will return only if gold closes below ₹98,600.
Conclusion:
With gold holding firm near the ₹99,000 pivot level, and technical indicators like RSI and MACD showing strength, analysts believe that a buy on dips strategy makes sense for intraday traders. If prices cross ₹99,750, gold could move further towards ₹1,00,500+ in the short term.
Read more: Top Stocks to Buy Today: Check list on 22 August 2025
Disclaimer: The above views are based on expert analysis and do not represent the opinions of Brinks Reports. Please consult your financial advisor before making any investment.
