Gold price prediction today: Gold has staged a comeback, but the market still signals a sell on rise strategy near Rs 1,51,500–Rs 1,51,700, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. Let’s take a look at the expert’s view: MCX Gold December futures are witnessing a strong recovery, with prices trading around Rs 1,51,325 after breaking above the earlier consolidation zone near Rs 1,49,500–Rs 1,50,000. However, the metal is now approaching an important resistance zone near Rs 1,51,500–Rs 1,51,700, where profit booking could emerge following the sharp upward move.The 30-minute chart indicates strong bullish momentum, supported by a positive MACD crossover and a noticeable expansion in trading volume. However, the sharp rise has brought prices close to overhead resistance, making it important to watch for rejection signals before initiating fresh short positions. Traders can consider a sell-on-rise strategy near Rs 1,51,500–Rs 1,51,700, with a stop-loss above Rs 1,52,600 and a downside target of Rs 1,50,000.
Gold: Technical Setup
EMA 8 & EMA 21: Gold has moved above its earlier moving-average resistance, reflecting a strong short-term recovery. The immediate trend remains positive, so a sell-on-rise setup should be considered only if prices show rejection near the specified resistance zone.Bollinger Band/Price Structure: The sharp upward move indicates strong buying interest, but prices are approaching an overhead resistance area. Failure to sustain above Rs 1,51,700 could trigger short-term profit booking towards the previous breakout zone.Pivot Points and Resistance: The Rs 1,51,500–Rs 1,51,700 range is the immediate resistance zone. On the downside, Rs 1,50,500 is an intermediate support, followed by the key target zone near Rs 1,50,000. A sustained move above Rs 1,51,700 would weaken the bearish setup.MACD: The MACD is firmly positive, with the MACD line above the signal line and the histogram expanding. This confirms strong upside momentum, although it also means that a short position should ideally be initiated only after visible rejection at resistance.Volume and Open Interest: Volume has increased during the recent rally, confirming strong market participation. However, open interest has declined sharply during the price recovery, suggesting that short covering may be contributing to the rise rather than the entire move being driven by fresh long positions.
Gold Intraday Trading Strategy
• Strategy: Sell on Rise• Sell Zone: Rs 1,51,500–Rs 1,51,700• Stop-Loss: Above Rs 1,52,600• Target: Rs 1,50,000
Gold Price Outlook
Gold has staged a sharp recovery, but the Rs 1,51,500–Rs 1,51,700 zone is crucial for determining whether the rally can extend further or face profit booking. The positive MACD and strong volume caution against selling prematurely; traders should wait for price rejection or a bearish reversal signal within the suggested entry zone.A failure to sustain above Rs 1,51,500 could open the way towards Rs 1,50,500 and subsequently Rs 1,50,000. Conversely, a decisive breakout above Rs 1,51,700 would indicate continued bullish strength and could invalidate the immediate sell-on-rise view.Overall Bias: Sell on Rise only on rejection near Rs 1,51,500–Rs 1,51,700; a sustained breakout above resistance would favour further upside.(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.)
