Gold price prediction: Should you buy gold on dips? Check outlook

Gold price prediction today: From a technical perspective the outlook for gold appears to be constructive, says Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities. MCX Gold October futures are trading around Rs 1,55,250 and continue to maintain a constructive short-term structure after a sharp recovery from the recent lows. The chart shows a sequence of higher highs and higher lows, while prices are holding above the key short-term moving averages. The recent consolidation near Rs 1,55,000-Rs 1,55,200 appears to be a healthy pause after the recovery, keeping the possibility of further upside open. Traders may therefore consider a buy-on-dips strategy near Rs 1,55,000-Rs 1,55,200, with a strict stop-loss below Rs 1,53,400, targeting Rs 1,57,200.Technical SetupEMA 8 & EMA 21:The short-term moving averages have turned positive, with the faster EMA 8 maintaining a bullish alignment over the EMA 21.