Gold price prediction today: In today’s technical set-up gold prices signal a sell on rise strategy, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. Here is his strategy for gold investors:Gold futures on MCX traded around ₹1,13,940 after a volatile session, with price action showing signs of exhaustion near resistance levels. With global markets cautious ahead of key US economic data and Fed rate expectations, bullion is witnessing selling pressure on rallies. For intraday traders, the technical setup suggests adopting a sell-on-rise approach near ₹1,13,700–₹1,13,900 with a stop-loss at ₹1,14,325, targeting lower levels.Gold Technical Setup:Moving Averages (EMA 8 & 21): The EMA 8 is trading below EMA 21, signaling that short-term momentum remains weak. Any bounce toward resistance zones should be treated as a selling opportunity unless prices reclaim and sustain above ₹1,14,325. Bollinger Bands: Gold is trading close to the mid-band after testing the lower band in the recent decline. While a small pullback is visible, the upper band resistance around ₹1,13,900–₹1,14,000 is likely to cap upside moves.
- Pivot Points (Previous Day):
- Resistance levels: ₹1,13,900 – ₹1,14,325
- Support levels: ₹1,13,400 – ₹1,13,200 Failure to cross resistance will keep the intraday bias tilted to the downside.
- RSI Indicator: The RSI is at 56, showing mild recovery but still not in overbought territory. This indicates that rallies could face supply pressure before momentum builds further.
- MACD: The MACD remains in negative territory, though it is attempting a crossover. Until a strong confirmation emerges, the bias remains weak.
- ADX: The ADX reflects moderate trend strength, indicating that the current bounce may lack conviction and could turn lower if resistance holds.
Gold Intraday View:
- Strategy: Sell on rise
- Entry Zone: ₹1,13,700 – ₹1,13,900
- Stop-Loss: ₹1,14,325
- Downside Targets: ₹1,13,400 and ₹1,13,200
- Bias: Bearish below ₹1,13,900; reversal only above ₹1,14,325.
Conclusion: Gold’s intraday structure favors a sell-on-rise strategy as the EMA crossover, MACD positioning, and Bollinger resistance suggest limited upside. Traders should look to enter short positions near ₹1,13,700–₹1,13,900, keeping risk defined at ₹1,14,325, while eyeing downside targets of ₹1,13,400 and ₹1,13,200. (Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
