Gold price forecast today: Gold prices show bullish trends and investors have to look at a ‘buy on dips’ strategy, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities. Here is his strategy for Golden Investors:Gold Futures on MCX fluctuated almost £ 1,08,979, which shows that resilience is demonstrated if traders are waiting for important US economic data and clarity about the policy meeting of the FED in September. With expectations of a rate reduction for supporting precious metal, the technical structure suggests a buy-on-dips strategy near £ 1.09,000 with a defined stop-loss at £ 1.08.600.Technical setup:Travel averages (EMA 8 & 21): The EMA 8 tries to stay above EMA 21, which emphasizes the improvement of Bullish Momentum. As long as the prices are more than £ 1.09,000, buyers will probably remain active.Bollinger bands: Gold comes closer to the top half of the tire, with contraction to a possible outbreak. Buying dips around the mid-band nearly £ 1.09,000 remains favorable. Pivot -Points (previous day):
- Support levels: £ 1.09,000 – £ 1,08,600
- Resistance levels: £ 1,09.800 – £ 1.10,000 A continuing movement above the support zone reinforces the bullish prospects for an intraday increase.
- RSI indicator: The RSI is holding around 55, well under overbough territory, which suggests enough space for further upward momentum.
- MACD: MacD acts above the signal line with a positive histogram, so that the reinforcing bullish bias is re -confirmed.
Intraday display:
- Strategy: Buy Dips
- Entry zone: £ 1.09,000 – £ 1.09.050
- Stop-Loss: £ 1.08,600
- Upside target: £ 1.10,000
- Bias: bullish above £ 1.09,000; Weakness is only resumed if the price breaks below £ 1.08,600.
Conclusion: Gold’s Intraday technicians continue to support for further profits with EMAS Holding firm, RSI in a positive zone and MacD that confirms bullish signals. Traders must use a buy-on-dips strategy near £ 1.09,000 with a stop-loss at £ 1.08,600, with an upward movement to £ 1.10,000. (Disclaimer: recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the opinion of the Times of India)
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