Gold price prediction: What’s the gold outlook for January 9, 2025? Why you should ‘sell on rise’
Gold price prediction today: Gold price rally appears to be losing steam for now, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.Gold February futures on MCX are trading near ₹1,37,800 after a sharp pullback from higher levels. The recent recovery attempt appears corrective in nature, with price facing strong resistance near the previous breakdown zone. Technical indicators suggest that upside momentum is losing steam, making higher levels vulnerable to fresh selling pressure. The intraday setup favors a sell-on-rise approach in the ₹1,37,800–₹1,38,000 range.Technical setupPrices are trading below the short-term EMA cluster, with EMA 8 failing to sustain above EMA 21. This indicates weak short-term structure and suggests that rallies are likely to be sold into rather than extended.Gold has moved back toward the mid-Bollinger band after testing lower levels, but the upper band near ₹1,38,000 continues to act as a firm resistance. This positioning supports the view of capped upside in the near term.Pivot Points (Previous Day): • Resistance Zone: ₹1,37,800 – ₹1,38,000 • Support Levels: ₹1,36,800 followed by ₹1,36,400Failure to sustain above pivot resistance keeps the intraday bias tilted to the downside.RSI is around 60, indicating a short-term recovery but not strong enough to confirm trend reversal. This level often precedes consolidation or pullback when price approaches resistance.MACD has shown a brief positive crossover, but histogram bars are flattening, signaling waning bullish momentum. This increases the probability of a rollover from higher levels.The recovery has been accompanied by moderate volume, while open interest remains soft, hinting that the move lacks strong long buildup and is prone to reversal.Intraday Trading View: • Strategy: Sell on rise • Sell Zone: ₹1,37,800 – ₹1,38,000 • Stop-Loss: ₹1,39,100 • Downside Target: ₹1,36,400 • Bias: Bearish below ₹1,38,000; strength only above ₹1,39,100.Conclusion:Gold’s intraday technical structure remains vulnerable as prices trade below key moving averages and momentum indicators fail to confirm sustained strength. The resistance band near ₹1,38,000 is likely to attract selling pressure. Traders are advised to sell on rise around ₹1,37,800–₹1,38,000, keep a strict stop-loss at ₹1,39,100, and look for a move toward ₹1,36,400 during the session.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
