Analysts Forecast Bullish Gold Trend, Recommend Buying on Pullbacks

According to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, the current chart pattern for gold indicates a continued rise, with futures holding firm above major moving averages. The market is forming higher peaks and troughs, and short-term profit taking is seen as a normal correction rather than a reversal. Technical tools—including the 8-period EMA above the 21-period EMA, Bollinger Bands positioned in the upper half, and a supportive pivot point structure—reinforce the bullish bias.

Momentum gauges like the RSI at about 58 and a MACD line above its signal further confirm upward pressure. Traders are advised to enter near Rs 1,49,250, set a stop loss under Rs 1,47,900, and aim for price moves toward Rs 1,50,200 to Rs 1,50,700 during the session.