Gold price prediction: What’s the gold outlook for January 23, 2026? Why โbuy on dipsโ makes sense
Gold price prediction today: Goldโs intraday construct is positive and investors can look to buy on dips, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.Gold futures on MCX are trading near โน1,56,540 after witnessing a sharp recovery from intraday lows. The price action indicates a base formation above key short-term supports, with buyers gradually regaining control. The broader intraday structure suggests that the recent pullback is corrective in nature, and a continuation of the up-move remains likely if prices sustain above the breakout zone.Technical Setup:EMA 8 & EMA 21: The 8 EMA has turned upward and is attempting to move above the 21 EMA, reflecting improving short-term momentum. Price sustaining above this EMA cluster supports a bullish intraday bias and indicates that dips are being absorbed by buyers. Bollinger Bands: Gold has rebounded from the lower Bollinger band and is now moving toward the mid-band. This shift suggests easing selling pressure and opens room for a move toward the upper band near โน1,60,000 if momentum sustains. Pivot Points (Previous Day):
- Buy Zone: โน1,57,500 โ โน1,58,000
- Key Support: โน1,55,000
- Resistance: โน1,59,200 followed by โน1,60,000
- Holding above the pivot support zone strengthens the bullish continuation outlook.
- RSI Indicator: RSI is hovering near the 55โ58 zone, indicating recovering momentum with sufficient room for further upside before approaching overbought territory.
- MACD: MACD has turned positive with the histogram shifting into green territory, confirming a bullish crossover and strengthening upside momentum.
Intraday Trading View:
- Strategy: Buy on dips
- Entry Zone: โน1,57,500 โ โน1,58,000
- Stop-Loss: Below โน1,55,000
- Upside Target: โน1,60,000
- Bias: Bullish above โน1,57,500; weakness only below โน1,55,000.
Conclusion: Goldโs intraday technical structure has turned constructive, supported by EMA crossover, improving RSI, and a positive MACD setup. The successful defense of lower supports suggests that buyers remain active on declines. Traders are advised to initiate long positions in the โน1,57,500โโน1,58,000 zone, maintain a strict stop-loss below โน1,55,000, and look for an upside move toward โน1,60,000 during the session.Bias: Buy on Dips | Support: โน1,57,500 | Target: โน1,60,000(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)