Commodities
Gold Prices Stabilize, Buy-On-Dips Strategy Recommended
Gold prices are stabilizing after recent corrections, according to Jateen Trivedi, VP Research Analyst at LKP Securities. The MCX Gold October futures have been consolidating around Rs 1,50,800.
The 30-minute chart shows that prices are attempting to form a base near the Rs 1,50,500, Rs 1,50,750 zone. Traders can consider a buy-on-dips strategy near Rs 1,50,750 with a strict stop-loss below Rs 1,50,000 and an upside target of Rs 1,51,900.
The recent price action suggests that selling pressure has moderated near the lower levels. The MACD is showing improvement from lower levels, with the MACD line recovering and the histogram turning positive.