The MCX Gold October contract rose to ₹1,53,870 after the price broke through a recent consolidation zone, setting the stage for a rally that analysts say could push the level above ₹1,54,000.
Trivedi pointed to the 30‑minute chart where the price has been making higher highs and higher lows since it found support around ₹1,51,200, a move backed by a surge in volume and a rebound in open interest.
He outlined a buying strategy that targets a dip near ₹1,53,650, with a stop‑loss at ₹1,52,900 and an upside goal of ₹1,54,600, noting that the EMA 8 and EMA 21 have crossed in the bullish direction.
The MACD remains positive, with the histogram climbing, and the trend‑support line has moved well below the current price, confirming a shift toward a stronger upward bias that could attract more institutional demand.
Traders watching the market will need to see the price hold above ₹1,53,650 to sustain momentum; a break above ₹1,54,600 could trigger a new phase of gains, while a dip below ₹1,52,900 would signal a reversal.