gold and silver price prediction Today: Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group, says that gold prices may see some upside, while silver prices may go up to Rs 285,000.
mcx gold price outlook
On the weekly chart, MCX Gold is going through a corrective phase after retreating from its recent highs and moving towards the prior lows. The metal currently shows an intermediate bearish bias, but this decline could present a potential buying opportunity. However, a decisive close below the support level could trigger a deeper correction. Despite this, as long as prices remain above recent swings, the broad trend remains bullish.In the coming week, the 150,000 level is expected to act as an important support area, coinciding with last week’s low and strengthening its technical importance. Any decline towards this area could invite fresh buying interest, which would help prevent near-term downside risks. As long as prices remain above this level, the broader bullish structure should remain intact. Conversely, a close below this level will invalidate the bullish outlook.Gold looks set to continue its rise towards 165,000 levels in the coming sessions. This move would signal a bounce off support and could help maintain the bullish momentum in the near term. Additionally, the steady price action within the weekly consolidation range reinforces the positive outlook and points towards the possibility of a continued recovery.In short, gold currently shows a sideways bearish bias; However, with the underlying trend remaining positive, it is likely to move upwards. As long as prices remain above the key support at $150,000, the broader bullish structure is expected to remain intact. Supported by supportive momentum indicators and favorable sentiment backdrop, the metal is likely to trade within the current range, maintaining a range-bound trajectory in the coming sessions.
mcx gold trading strategy
- CMP: 155,400
- Target: 165,000
- Stop Loss: 150,000
mcx silver price outlook
On the weekly chart, silver has fallen towards its support zone while staying above the recent weekly highs. Following this decline, prices are close to a key support zone, signaling a possible end to the correction in the coming week. With the broader trend still positive, short-term dips could provide buying opportunities, as long as last week’s lows hold. Traders are encouraged to stick with the current trend by placing stop-losses near the recent weekly low to effectively manage risk.The week started off strong, with prices bouncing off recent lows and confirming the ongoing sideways bullish momentum. This positive outlook is likely to continue as long as prices remain above the established weekly support zone. Immediate support is seen near last week’s low of 238,000, and a decisive close below this level could weaken the bullish bias. Until then, any downside may attract fresh buying, supporting the broader bullish trend.On the positive side, silver looks set to retest recent swing highs near the 285,000 resistance zone in the near to medium term. A sustained move towards this level would further validate the prevailing bullish trend, supported by stable momentum and favorable technical indicators. Overall, as long as prices remain above the 238,000 support zone, the broader bullishness is likely to remain intact, potentially paving the way for further gains amid strengthening positive sentiment.
mcx silver trading strategy
- CMP: 253,300
- Target: 285,000
- Stop Loss: 238,000
(Disclaimer: The recommendations and views given by experts on the stock market, other asset classes or personal finance management are their own. These opinions do not represent the views of The Times of India)
