Gold’s intraday structure has turned constructive after the sharp recovery from lower levels.

Gold price prediction today: Gold is showing a constructive intraday bias and a buy on dips strategy is favoured, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. The analyst shares the rationale:MCX Gold October futures are showing signs of recovery after witnessing a sharp decline in the previous sessions. The metal has rebounded strongly from the Rs 1,50,000-Rs 1,50,500 region and is currently consolidating around Rs 1,52,650-Rs 1,52,700. The short-term chart indicates improving buying interest, with prices recovering above the immediate moving-average zone and holding near the higher end of the recent trading range.The technical setup favours a buy-on-dips strategy near Rs 1,52,400, with a stop-loss below Rs 1,51,600. On sustained strength, Gold could move towards Rs 1,53,200 during the intraday session.

Technical Setup

EMA 8 & EMA 21:The short-term moving averages are showing signs of recovery following the recent decline. Price has moved back above the short-term average zone, indicating that buying momentum is gradually returning. Sustaining above Rs 1,52,400 would strengthen the positive structure and could encourage further upside towards the next resistance zone.Pivot Points:The chart indicates immediate support around Rs 1,52,400, while the previous recovery zone near Rs 1,51,600 acts as an important positional support for the intraday setup. On the upside, Rs 1,52,700-Rs 1,53,000 is the immediate resistance area, followed by the target zone near Rs 1,53,200.Bollinger Band / Price Structure:Gold has recovered sharply from the lower portion of its recent trading range and is now moving towards the upper side of the short-term structure. A sustained hold above Rs 1,52,400 can result in further expansion towards the upper resistance levels. Traders should avoid chasing the price after a sharp rise and preferably look for dips towards the suggested entry zone.MACD:The MACD setup is improving, with the indicator showing a recovery from deeply negative levels. The positive divergence visible on the chart and the improvement in histogram activity suggest that downside momentum has weakened and buying momentum is returning.Volume & Open Interest:The recovery from the Rs 1,50,000 region was accompanied by increased activity, indicating participation on the rebound. Open interest has also recovered from lower levels, although the price action needs to sustain above Rs 1,52,700 for stronger confirmation of the upside.

Intraday Trading Strategy

•⁠ ⁠Strategy: Buy on Dips•⁠ ⁠Buy Zone: Rs 1,52,400•⁠ ⁠Stop-Loss: Below Rs 1,51,600•⁠ ⁠Target: Rs 1,53,200

Gold Price Outlook

Gold’s intraday structure has turned constructive after the sharp recovery from lower levels. The improvement in short-term moving averages, positive MACD divergence and recovery in market participation indicate that selling pressure has eased. Rs 1,52,400 is an important support zone, and holding above this level can keep the recovery intact.A sustained move above Rs 1,52,700-Rs 1,53,000 would provide additional confirmation and may open the way towards Rs 1,53,200. However, a decisive break below Rs 1,51,600 would weaken the recovery setup and invalidate the bullish intraday view.Overall Bias: Bullish above Rs 1,52,400; Buy on Dips preferred.(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.)