Gold price prediction today: Gold prices have rallied and the precious metal is now likely to see some profit booking, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.MCX Gold October futures are witnessing profit booking after a strong rally over the past several sessions. Prices are currently trading near Rs 1,52,400–Rs 1,52,600, where the recent up move appears to be facing resistance. The broader trend remains positive, but the chart indicates signs of consolidation at higher levels, making the current zone important for traders. For the intraday session, a sell-on-rise strategy can be considered near Rs 1,52,400–Rs 1,52,600, with a strict stop-loss above Rs 1,53,000 and a downside target of Rs 1,51,000.
Technical Setup
EMA 8 & EMA 21:The short-term moving averages continue to remain positively aligned, with the 8-period EMA above the 21-period EMA, indicating that the broader trend is still bullish. However, price action has started to consolidate around the short-term EMA after the recent sharp rally. A failure to sustain above the immediate resistance zone could trigger profit booking towards lower support levels.Bollinger Bands:Gold has been trading in the upper half of the Bollinger Band following the recent rally. However, the latest candles indicate some loss of momentum near the upper band. Failure to sustain above the recent high can result in a pullback towards the middle band, making the Rs 1,52,400–Rs 1,52,600 region a potential selling zone.Pivot Points:The previous day’s pivot structure suggests that Rs 1,52,600–Rs 1,53,000 is an important resistance area. Sustained trade below this zone would keep the near-term corrective bias intact, while a decisive breakout above Rs 1,53,000 would negate the short-term sell setup.RSI:The RSI is currently around 62, indicating that momentum remains positive but is no longer accelerating. The indicator has started to ease from higher levels, suggesting that profit booking can emerge after the recent rally. A move below the 50 mark would provide stronger confirmation of downside momentum.MACD:The recent price action indicates that momentum is beginning to moderate after the strong upside move. A weakening MACD structure would support the possibility of short-term consolidation and profit booking.
Gold Intraday Trading Strategy
- Strategy: Sell on Rise
- Sell Zone: Rs 1,52,400–Rs 1,52,600
- Stop-Loss: Above Rs 1,53,000
- Target 1: Rs 1,51,500
- Target 2: Rs 1,51,000
Gold Price Outlook
Gold’s broader trend remains constructive, but the sharp rally has pushed prices into a crucial resistance area where profit booking is likely to emerge. The RSI near 62 indicates that bullish momentum remains present, although the recent consolidation suggests that upside momentum is losing strength.Traders should therefore avoid chasing fresh longs at higher levels and instead look for selling opportunities near resistance. As long as Gold remains below Rs 1,53,000, the intraday bias favours a sell-on-rise strategy, with the possibility of a correction towards Rs 1,51,500–Rs 1,51,000. A sustained breakout above Rs 1,53,000 would invalidate the bearish intraday setup and signal a resumption of the broader bullish trend.(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.)
