6 months ago
104
ARTICLE AD BOX
Gold futures connected MCX extended losses, slipping sharply toward ₹1,20,500 aft a steep autumn from the caller precocious adjacent ₹1,23,800. (AI image)
Gold terms prediction today: Gold prices volition apt dip successful the league and traders should merchantability connected immoderate rise, says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities. Here is his strategy for golden investors:Gold futures connected MCX extended losses, slipping sharply toward ₹1,20,500 aft a steep autumn from the caller precocious adjacent ₹1,23,800.
The yellowish metallic remains nether unit amid profit-booking and method weakness, with traders present eyeing enactment adjacent ₹1,19,800–₹1,19,100. The intraday setup signals that immoderate pullback could look resistance, favoring a sell-on-rise attack for the day.
Gold Technical Setup:
Moving Averages (EMA 8 & EMA 21): The short-term EMA 8 has crossed beneath EMA 21, confirming a bearish crossover. This displacement indicates that the short-term inclination has reversed to the downside, with absorption present placed astir ₹1,21,800–₹1,22,300. Bollinger Bands: Gold prices person breached beneath the mid-band and are hovering adjacent the little band, reflecting beardown downward momentum. However, flimsy intraday bounces whitethorn hap earlier further declines resume. Pivot Points (Previous Day):
- Resistance levels: ₹1,21,800 – ₹1,22,650
- Support levels: ₹1,19,800 – ₹1,19,100 Sustained commercialized beneath the pivot level of ₹1,21,200 volition support bearish bias.
- RSI Indicator: The RSI is presently astir 27, indicating oversold territory. While a short-term pullback cannot beryllium ruled out, the wide inclination remains anemic until RSI climbs supra 40.
- MACD: The MACD continues to commercialized beneath the awesome enactment with expanding antagonistic histogram bars, confirming bearish momentum and accordant selling pressure.
- ADX: The ADX enactment is rising, showing strengthening inclination momentum — reinforcing the bearish presumption for the day.
Gold Intraday View:
- Strategy: Sell connected emergence
- Entry Zone: ₹1,21,200 – ₹1,21,500
- Stop-Loss: ₹1,22,650
- Targets: ₹1,20,000 and ₹1,19,100
- Bias: Bearish beneath ₹1,21,800
Conclusion:Gold’s intraday operation reflects beardown downside momentum aft a decisive EMA crossover and breakdown beneath the Bollinger mid-band. The anemic RSI and antagonistic MACD further fortify the bearish tone. Traders are advised to merchantability connected emergence adjacent ₹1,21,200–₹1,21,500, with downside targets of ₹1,20,000 and ₹1,19,100, keeping a strict stop-loss astatine ₹1,22,650.(Disclaimer: Recommendations and views connected the banal marketplace and different plus classes fixed by experts are their own. These opinions bash not correspond the views of The Times of India)
