Gold Prices Surge Past Consolidation Zone Amid Bullish Technical Setup
Gold prices on the MCX have shown a strong intraday recovery, with prices trading around Rs 1,53,870 after breaking above the recent consolidation zone. According to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, the technical setup for gold remains positive from an intraday perspective.
The 30-minute chart indicates improving buying momentum, supported by a strong price structure and a sustained move above key moving-average and trend-support levels. Gold has formed higher highs and higher lows after finding support near Rs 1,51,000, Rs 1,51,500, with the sharp upward move accompanied by improving volume and a recovery in open interest.
Traders can look for buying opportunities near Rs 1,53,650, with a strict stop-loss below Rs 1,52,900 and an upside target of Rs 1,54,600. The MACD is firmly in positive territory, with the MACD line trading above the signal line, indicating that upside momentum is gaining strength.