MCX Gold October futures are holding a positive bias, and the technical structure points to further upside, according to Business Today. Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said prices remain well supported above key moving averages despite intermittent profit booking, and traders should consider buying gold near Rs 1,49,250 with a protective stop-loss below Rs 1,47,900, targeting an upside move towards Rs 1,50,700 during the intraday session.
Technical Structure Remains Constructive
The overall trend for MCX Gold October futures is constructive, with higher highs and higher lows indicating sustained buying interest, Trivedi noted. The recent consolidation is described as a healthy pause within the broader uptrend rather than a reversal. From a technical standpoint, the 8-period exponential moving average (EMA) continues to trade above the 21-period EMA, confirming that short-term momentum remains firmly in favour of the bulls. Prices are comfortably holding above both moving averages, suggesting that every intraday decline is likely to attract fresh buying interest.
The Bollinger Band setup also supports the bullish outlook. According to Business Today, gold is trading in the upper half of the Bollinger Band, highlighting sustained buying momentum despite the recent consolidation. The middle Bollinger Band is expected to act as immediate support, while any pullback towards this zone is likely to witness renewed buying. A decisive move above the recent swing high could open the door for fresh momentum buying and an extension of the ongoing rally.
Pivot and Momentum Indicators Favour Bulls
The previous day's Pivot Point analysis continues to favour the bulls, with prices sustaining comfortably above the central pivot and the Central Pivot Range (CPR). Holding above the pivot support indicates that market participants continue to accumulate positions on declines, Trivedi explained. Unless prices slip below the immediate support zone, the overall trend is expected to remain positive.
Momentum indicators further reinforce the constructive outlook. The Relative Strength Index (RSI-14) is hovering around 58, indicating healthy bullish momentum with sufficient room for additional upside before entering overbought territory. Meanwhile, the Moving Average Convergence Divergence (MACD) remains in positive territory, with the MACD line trading above the signal line, reflecting sustained upward momentum and confirming the continuation of the prevailing trend.
Intraday Trading Strategy and Key Levels
Business Today reported the following intraday trading strategy for MCX Gold October futures, as recommended by Jateen Trivedi of LKP Securities:
| Parameter | Level |
|---|---|
| Strategy | Buy on Dips |
| Buy Level | Rs 1,49,250 |
| Stop-Loss | Below Rs 1,47,900 |
| Target 1 | Rs 1,50,200 |
| Target 2 | Rs 1,50,700 |
Trivedi said the overall technical structure remains firmly bullish as gold continues to trade above its key moving averages while maintaining a sequence of higher highs and higher lows. The positive EMA alignment, supportive pivot structure, strengthening MACD and healthy RSI readings collectively indicate that the broader uptrend remains intact. Although short-term profit booking may create intermittent volatility, such declines are likely to be viewed as buying opportunities.
Price Outlook: Buy-on-Dips Approach
As long as gold holds above the crucial support of Rs 1,47,900, traders should continue to adopt a buy-on-dips approach, according to Business Today. A sustained move above the recent swing high is likely to accelerate buying momentum and drive prices towards the Rs 1,50,200–Rs 1,50,700 zone during the session. The report carries a disclaimer that recommendations and views given by experts and analysts are their own, and these opinions do not represent the views of The Times of India.
For commodity traders and analysts tracking precious metals, the key takeaways are the defined intraday levels on MCX Gold October futures, the bullish technical conformation across EMAs, Bollinger Bands, pivots, RSI and MACD, and the stated support at Rs 1,47,900. The buy-on-dips strategy, with targets extending to Rs 1,50,700, offers a clear framework for intraday positioning as long as the support level remains intact.
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