Is Profit Booking on the Horizon for Gold Prices? Insights for August 14, 2026
Gold prices have surged recently, but analysts warn that profit booking may soon occur. Jateen Trivedi, VP Research Analyst at LKP Securities, notes that MCX Gold October futures are currently trading between Rs 1,52,400 and Rs 1,52,600, where the recent rally is facing significant resistance. The overall trend remains positive, but consolidation at these higher levels is evident, making this price zone critical for traders.
Technical Setup
Short-term moving averages indicate a bullish trend, with the 8-period EMA positioned above the 21-period EMA. However, recent price action shows consolidation around these averages, suggesting that a failure to maintain levels above immediate resistance could lead to profit booking.
Gold is trading in the upper half of the Bollinger Bands, but recent candles show a loss of momentum near the upper band. If prices cannot hold above recent highs, a pullback towards the middle band is likely, making the Rs 1,52,400 to Rs 1,52,600 range a potential selling zone. The previous day’s pivot structure highlights Rs 1,52,600 to Rs 1,53,000 as a key resistance area. Sustained trading below this zone could maintain a corrective bias, while a breakout above Rs 1,53,000 would negate the current short-term sell setup.
Gold Intraday Trading Strategy
Traders are advised to adopt a sell-on-rise strategy. The recommended sell zone is between Rs 1,52,400 and Rs 1,52,600, with a stop-loss set above Rs 1,53,000. Target prices are set at Rs 1,51,500 and Rs 1,51,000.
Despite the constructive broader trend, the recent rally has brought gold prices into a crucial resistance area, where profit booking is anticipated. The RSI is currently around 62, indicating that while bullish momentum exists, it is losing strength. Traders should refrain from pursuing new long positions at elevated levels and instead seek selling opportunities near resistance. As long as gold remains below Rs 1,53,000, the intraday bias favors a sell-on-rise strategy, with potential corrections towards Rs 1,51,500 to Rs 1,51,000. A sustained breakout above Rs 1,53,000 would invalidate the bearish intraday setup.
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