Gold rallies to near 1.53 lakh rupees, analysts warn of near-term profit taking

Gold prices have risen sharply, bringing MCX October futures to the Rs 1,52,400-1,52,600 range, where analysts see resistance and potential profit taking. Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, observes that short-term EMAs remain bullish but price is now hovering around the 8-period EMA, indicating consolidation. Bollinger Bands show the metal trading in the upper half, yet momentum appears to be waning, with the RSI near 62 and MACD softening.

Trivedi suggests a sell-on-rise strategy, placing a stop-loss above Rs 1,53,000 and aiming for Rs 1,51,500 and Rs 1,51,000 as downside targets. A firm break above Rs 1,53,000 would invalidate the bearish setup and could resume the broader uptrend.