Jateen Trivedi said gold has rebounded from a sharp correction, with MCX Gold October futures consolidating near Rs 1,50,800. The price action suggests that selling pressure has eased, and the metal is attempting to build a base in the Rs 1,50,500–Rs 1,50,750 zone.
Technical indicators underline the move. The 8‑ and 21‑period EMAs are still below the broader moving‑average structure, but intraday price is stabilising around Rs 1,50,700–Rs 1,50,800. A sustained move above Rs 1,51,150 would provide stronger confirmation of a recovery.
Momentum is shifting as the MACD line recovers and the histogram turns positive, signalling a decline in negative momentum. Open interest remains below earlier levels, indicating that the rally needs confirmation, while volume stays active around the support levels.
Trivedi outlines a buy‑on‑dips strategy: enter near Rs 1,50,750, place a stop‑loss below Rs 1,50,000, and target Rs 1,51,500 as the first objective, with Rs 1,51,900 as the secondary goal.
The outlook remains bullish above Rs 1,50,000, but traders must monitor whether the metal holds the key support zone. If it breaks below Rs 1,50,000, the short‑term reversal could trigger a sell‑off, while a breakout above Rs 1,51,150 could propel prices toward the upper end of the current range.