Gold price forecast today: Gold prices are likely to stabilize after a period of correction and investors may look for buying during dips, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.Gold futures on MCX are trading around ₹1,35,690 after a phase of consolidation, with price action indicating base formation above key intraday supports. The market is showing the first signs of stabilization after recent corrective actions, and technical indicators suggest that downward momentum is limited at current levels. The setup favors a buy-on-dips approach of approximately ₹1,36,000, with clearly defined risk.Technical setup:The price is trading close to the short-term EMA cluster, with EMA 8 trying to move higher and above EMA 21. This indicates improving short-term momentum and the possibility of a trend reversal if prices remain above ₹1,36,000.Gold is consolidating near the mid-Bollinger band after successfully defending the lower band. This structure suggests that selling pressure is easing, and a move towards the higher band could occur if purchasing power rises above support.Pivot points (previous day):
- Major Support Zone: ₹1,36,000 – ₹1,35,700
- Resistance levels: ₹1,37,000 – ₹1,38,000
Staying above the pivot support strengthens the bullish intraday bias.The RSI is near 53, comfortably above the neutral zone, indicating improving momentum and room for further upside without entering overbought territory.The MACD levels off after a negative phase, with the histogram bars contracting. This suggests that bearish momentum is fading and that with continued buying, a positive crossover could develop.Intraday trading view:
- Strategy: Buy on dips
- Entry Level: ₹1,36,000
- Stop loss: ₹1,34,700
- Upside target: ₹1,38,000
Bias: Bullish above ₹1,36,000; weakness only below ₹1,34,700.Conclusion:Gold’s intraday technical structure points to post-correction stabilization, supported by alignment to the EMA, RSI strength and declining MACD pressure. Traders can try to initiate long positions near ₹1,36,000, keeping a strict stop-loss at ₹1,34,700 and targeting a move towards ₹1,38,000 during the session.Buy on Dips | Support: ₹1,36,000 | Target: ₹1,38,000(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These views do not represent the views of The Times of India)
#Gold #Price #Forecast #Gold #Outlook #January #important #level #Times #India