Gold Prices Expected to See Profit Booking as Rally Faces Resistance

Gold prices have been on a strong rally in recent sessions, but now traders are expecting some profit booking to occur. According to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, gold is likely to see some profit taking after its sharp rise.

The MCX Gold October futures are currently trading near Rs 1,52,400, Rs 1,52,600, where the recent up move appears to be facing resistance. The chart indicates signs of consolidation at higher levels, making this zone important for traders.

For intraday trading, a sell-on-rise strategy can be considered near Rs 1,52,400, Rs 1,52,600, with a strict stop-loss above Rs 1,53,000 and a downside target of Rs 1,51,000.