gold and silver price prediction Today: Abhilash Koikkara, Head of Forex and Commodities, Nuvama Professional Clients Group, says that the prices of gold and silver may continue to rise, both the precious metals are showing an upward trend.
mcx gold price outlook
On the weekly chart, MCX Gold is trending sideways to bullish, bouncing off the recent lows and coming back towards the recent swing highs within its wide range. Trading above trendline resistance keeps the underlying uptrend in good stead. The intermediate outlook remains bullish, making near-term downside a potential accumulation opportunity. That said, a strong close below key support levels could invite a deeper decline, but as long as prices remain above recent swings, the broader bullishness remains intact.Heading into next week, the 147,500 area aligned with the weekly lows stands out as a key support level worth watching. Any pullback towards this area is likely to attract new buyers, limiting the downside. The broad bullish structure holds as long as prices remain above this level, but the bullish case will cool down if it closes strongly below it.Next targets for gold are 161,000 and 165,000, the current setup favors further upside in the coming sessions. A push towards these levels will validate the bounce from support and keep the bullish momentum alive. Price action remains stable, pointing to more gains ahead.Gold continues its bullish trend, supported by positive underlying trends, which continues to lead the charts further. The broad bullish structure holds as long as prices remain above the 147,500 support level. With momentum indicators pointing in the right direction and sentiment still remaining positive, gold is well positioned to extend its rally in the coming sessions.
mcx gold trading strategy
- CMP: 152,600
- Target: 165,000
- Stop Loss: 147,500
mcx silver price outlook
On the weekly chart, silver is maintaining its bullish momentum, bouncing off the lower end of its range and remaining within a broad consolidation. The bounce off recent lows keeps the price structure positive, and with the broader trends still pointing upwards, any pullback towards last week’s lows could be worth watching as a buying opportunity. Traders should stick with the trend and place the stop-loss near the latest weekly low to protect against any unexpected downside.The market started the week with gains, but the bounce from recent lows has maintained the momentum. As long as prices remain above key weekly support levels, the bullish trend continues. Last week’s low of 236,000 is immediate support worth watching, a strong close below this mark will put pressure on the bullish case. Until that happens, any short-term dip is likely to attract buyers, keeping the broader bullish trend intact.On the positive side, silver looks set to retest recent highs of 260,000 with 280,000 as the next meaningful target in the near to medium term. A firm close above 260,000 would open the door to that higher level and the bullish trend would continue, supported by steady momentum and supportive technical readings. As long as 236,000 remains as support, the broader uptrend remains intact, and further upside remains on the table.
mcx silver trading strategy
- CMP: 253,300
- Target: 280,000
- Stop Loss: 236,000
(Disclaimer: The recommendations and views given by experts on the stock market, other asset classes or personal finance management tips are their own. These opinions do not represent the views of The Times of India.)
