Gold futures on MCX are trading near ₹1,56,600 after staging a strong recovery from recent lows, according to reports from The Times of India. The price action suggests that buyers have regained control following a sharp rebound, with prices now holding above key short-term support levels. The overall intraday structure remains constructive as long as the support zone continues to hold.
The technical setup reveals positive momentum indicators, as reported by The Times of India. The 8 EMA has crossed above the 21 EMA, indicating a bullish shift in short-term momentum. Prices are trading above both moving averages, confirming that dips are likely to attract fresh buying interest. Additionally, gold has rebounded sharply from the lower Bollinger band and is moving toward the upper band, indicating strengthening momentum and supporting a continuation of the recovery move.
The chart reflects a strong V-shaped recovery after a sharp sell-off, according to The Times of India analysis. Higher highs and higher lows on the intraday timeframe indicate renewed buying interest and accumulation near support zones. This pattern suggests that the recent decline was a temporary correction rather than a fundamental shift in the market direction.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, recommends a buy-on-dip strategy for gold investments, as reported by The Times of India. The recommended entry zone is ₹1,56,300 – ₹1,56,400 with a stop-loss below ₹1,55,800. The target price is set at ₹1,57,200, representing a potential upside of approximately ₹1,000 from the recommended entry levels.
