MCX Gold Price Today: As of recent updates, MCX gold prices have been volatile, driven by global economic uncertainties, U.S. dollar movements, and geopolitical tensions.
On April 16, 2025, the June futures contract for gold was reported at approximately ₹93,252 per 10 grams, with a high of ₹91,000 resistance noted. International gold prices have also surged, recently hitting $3,200 per troy ounce. Posts on X suggest short-term bullish sentiment, with targets around ₹96,000–₹96,150 and buying opportunities on dips near ₹91,500.
- Gold remains within striking distance of new record-high above $3,319
- Explainer: Why Donald Trump has slapped up to 245% tariff on China
- Gold records new high at Rs 98K, soaring more than Rs 1,800 in one day
- Gold rates on April 16: Precious metal hits all-time high
- Overbought gold appears vulnerable to a fall. Here’s what RSI, MACD, other technical indicators suggest
Market Sentiment and Key Factors
- Bullish Factors: Global tariff wars, inflation hedging, and gold’s safe-haven status are pushing prices higher. Technical patterns like pole and flag formations indicate potential upside to ₹97,000–₹1,00,000.
- Bearish Risks: Resistance at ₹91,000 (MCX) and $3,150 (COMEX) suggests possible pullbacks. A stronger U.S. dollar or profit-taking could trigger short-term declines.
- Correlations: Gold is positively correlated with the Japanese yen and negatively correlated with the U.S. dollar. Monitor USD/INR and yen movements for directional cues.
Short-Term Trading Strategy (Intraday/Short-Term)
Given the volatility and your preference for “sure short trading tips,” I’ll outline a strategy using the Camarilla pivot point method, which is popular for intraday trading due to its accuracy in identifying reversals and breakouts. This is supplemented with recent price levels and X sentiment.
Buy Strategy
- Best Buying Level: ₹91,500–₹91,700 (buy on a dip to this support zone, as it aligns with recent X posts and technical support levels).
- Target: ₹92,880 (Target 1), ₹93,367 (Target 2), ₹93,600 (Target 3). These are based on recent technical outlooks and resistance levels.
- Stop Loss: ₹91,000 (below the support zone to limit downside risk).
- Entry Condition: Wait for the price to dip to ₹91,500–₹91,700 and show reversal signals (e.g., bullish candlestick or bounce off L3 Camarilla level). Alternatively, buy above ₹92,200 if momentum confirms an upside breakout.
- Rationale: The ₹91,500 zone is a strong support, and X posts suggest buying on dips for a move toward ₹96,000. Camarilla L3/H3 levels indicate reversals occur 80% of the time in intraday trading.
Sell Strategy
- Best Selling Level: ₹93,500–₹94,500 (near recent highs or resistance, as suggested by X posts for shorting opportunities).
- Target: ₹92,000 (Target 1), ₹91,000 (Target 2). These align with support levels and potential pullback zones.
- Stop Loss: ₹94,800 (above the resistance to protect against a breakout).
- Entry Condition: Sell if the price approaches ₹93,500–₹94,500 and shows rejection (e.g., bearish candlestick or failure to break H3/H4 Camarilla levels). Alternatively, sell below ₹91,700 if a breakdown occurs.
- Rationale: X posts indicate shorting opportunities near ₹94,500 with targets at ₹91,000–₹92,000, supported by resistance at ₹91,000 and potential profit-taking.
Risk Management
- Strict Stop-Loss: Always use stop-loss orders to minimize losses, as intraday trading is risky.
- Position Sizing: Risk no more than 1–2% of your capital per trade to manage volatility.
- Exit Strategy: Exit trades at realistic targets to avoid greed-driven losses.
- Monitor Correlations: Check USD/INR and yen movements before entering trades, as they influence gold prices.
Technical Tools
- Camarilla Pivot Points: Use L3/H3 for reversals and L4/H4 for breakouts. These are updated daily based on prior day’s open, high, low, and close.
- Support/Resistance: Key levels are ₹91,500 (support), ₹93,500–₹94,500 (resistance).
- Indicators: Fibonacci retracement, Bollinger Bands, and harmonic patterns (e.g., butterfly or shark) can confirm entries.
- Charts: Use 5–15 minute charts for intraday trades and 4-hour/daily charts for trend confirmation.
Why No “Sure” Tips?
No trading strategy is 100% certain due to market volatility. Even Camarilla pivots, with 80% accuracy, carry risks. My suggestions are based on technical analysis, recent trends, and sentiment from X, but unexpected events (e.g., U.S. tariff announcements or dollar spikes) can disrupt plans. Always trade with caution and proper risk management.
Additional Tips
- Stay Updated: Monitor MCX gold price charts and global news (e.g., U.S. dollar index, geopolitical events).
- Avoid Overtrading: Stick to 1–2 high-probability trades per session.
- Broker: Use a registered MCX broker like Angel One to activate a commodity account.
- Portfolio Diversification: Don’t allocate all capital to gold; diversify to reduce risk.
✅ Disclaimer: Goldsilverreports.com provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
