Gold prices are trading strong today, holding near ₹1,02,150 on MCX. According to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, the current trend suggests investors should look for buying opportunities on dips.
Key Levels to Watch
- Buy Zone (Entry Point): ₹1,01,850 – ₹1,01,900
- Stop-Loss: ₹1,01,450
- Targets:
- First target: ₹1,02,260
- Second target: ₹1,02,400
- Bias: Gold remains bullish above ₹1,01,850. If prices fall below ₹1,01,450, weakness may come back.
Why the Trend is Bullish
- Moving Averages (EMA 8 & 21):
- Short-term average (EMA 8) is above the long-term average (EMA 21), showing upward momentum.
- Bollinger Bands:
- Gold is trading near the upper band, showing strength.
- A pullback to the middle band could be a good new entry point.
- Support & Resistance (Pivot Points):
- Support: ₹1,01,850 – ₹1,01,750
- Resistance: ₹1,02,260 – ₹1,02,400
- RSI (Relative Strength Index):
- RSI is at 68, close to the overbought level (70).
- This means the trend is strong but a small dip may happen before prices rise again.
- MACD (Moving Average Convergence Divergence):
- The MACD line is above the signal line, confirming bullish momentum.
- Positive bars on the histogram show buyers are still active.
Final View
Gold prices are showing strength, and experts recommend a buy on dips strategy. As long as the price stays above ₹1,01,850, the uptrend looks safe.
