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Gold has moved below the mid-Bollinger band, confirming downside pressure. (AI image)
Gold price prediction today: Gold prices are facing resistance at higher levels, and the short-term structure is showing weakness, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.Gold futures on MCX are trading near โน1,54,700 after failing to sustain the recent upward momentum. The price action shows clear rejection near higher levels, forming a lower high on the intraday chart. The short-term structure has turned weak, and rallies toward the resistance band are likely to attract fresh selling pressure. Technical Setup: Price is trading below the short-term EMA cluster, with the 8 EMA slipping beneath the 21 EMA, indicating a bearish crossover. The โน1,55,500 zone aligns with this moving average resistance area, strengthening it as a sell-on-rise level. Gold has moved below the mid-Bollinger band, confirming downside pressure. The lower band near โน1,53,500โโน1,53,000 could act as the next support zone if selling intensifies. The chart reflects a breakdown from consolidation, followed by sideways movement below resistance. Until price reclaims โน1,56,500 decisively, the intraday bias remains negative. RSI is at 37.9, below the neutral 50 mark, reflecting weakening momentum and supporting continuation of the downside move. MACD remains in negative territory with the histogram showing bearish expansion, indicating sustained selling momentum.
Gold Intraday Trading View:
- Strategy: Sell on rise
- Entry Level: โน1,55,500
- Stop-Loss: Above โน1,56,500
- Targets: โน1,54,000 and โน1,53,000
- Bias: Bearish below โน1,55,500; reversal only above โน1,56,500.
Goldโs intraday technical structure remains weak, supported by bearish EMA alignment, sub-50 RSI reading, and negative MACD momentum. The resistance near โน1,55,500 provides an opportunity to initiate short positions. Traders are advised to sell near โน1,55,500, maintain a strict stop-loss above โน1,56,500, and look for downside targets toward โน1,54,000 and โน1,53,000 during the session. Bias: Sell on Rise | Resistance: โน1,55,500 | Target: โน1,54,000 / โน1,53,000 (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)