Gold Prices Poised to Rise as Technical Indicators Turn Bullish

Gold prices are expected to rise, according to Jateen Trivedi, VP Research Analyst at LKP Securities. From a technical standpoint, the 8-period EMA continues to trade above the 21-period EMA, indicating short-term momentum remains in favour of the bulls. The MCX Gold October futures continue to trade with a positive bias, with prices well supported above key moving averages.

The recent consolidation is seen as a healthy pause within the broader uptrend rather than a reversal. Traders may 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.

The positive alignment of moving averages reflects the continuation of the prevailing uptrend and indicates that buyers remain in control. The Bollinger Band setup also supports the bullish outlook, with gold trading in the upper half of the band, highlighting sustained buying momentum despite recent consolidation.