Now Reading: Gold outlook stays bullish, analyst advises buying on dips
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Gold outlook stays bullish, analyst advises buying on dips
MCX Gold October futures retain a positive bias, with prices holding above key moving averages despite intermittent profit booking, The Times of India reports. Jateen Trivedi of LKP Securities expects the uptrend…
The Story in Brief
MCX Gold October futures retain a positive bias, with prices holding above key moving averages despite intermittent profit booking, The Times of India reports. Jateen Trivedi of LKP Securities expects the uptrend to continue and advises buying near Rs 1,49,250, with a stop-loss below Rs 1,47,900.
The analyst has set intraday targets of Rs 1,50,200 and Rs 1,50,700. The 8-period EMA remains above the 21-period EMA, while the RSI is around 58 and the MACD is positive. Trivedi says the broader trend remains intact as long as gold holds above Rs 1,47,900, though short-term volatility may continue.
The Indian Opinion
The easy narrative is that every dip in gold is a guaranteed buying opportunity. That overstates one technical reading and ignores the stated stop-loss. The opposite claim, that brief profit booking signals a reversal, is also unsupported by the higher highs, higher lows and positive momentum indicators cited here. This is a trading call, not a certainty. The practical test is whether prices hold Rs 1,47,900 and then clear the recent swing high.
Source: timesofindia.indiatimes.com
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Updated: this story now draws on 1 sources.
