gold and silver price prediction: : Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group, says gold can extend its rally towards Rs 1,63,000 per 10 grams and silver has managed to maintain support.
mcx gold price outlook
On the weekly charts, MCX Gold is moving in a consolidation phase after retreating from its recent highs. The price action appears to be forming a base near the upward sloping trend line on the weekly time frame, and a decisive close below this support could lead to a further correction in the precious metal. Nevertheless, as long as prices remain above recent swings, the broader trend remains bullish.For the coming week, the 147,000 level is expected to act as an important support area, as it coincides with the rising trend line and reinforces its technical importance. Any pullback towards this area could invite fresh buying interest, which would help reduce immediate downside risks. As long as prices remain above this range, the broad bullish structure remains intact, reinforcing the prevailing upward momentum.Gold looks set to extend its rally towards 163,000 mark in the upcoming sessions. This anticipated move is likely to represent a bounce off support, paving the way for continued bullish momentum in the near term. Furthermore, steady price action within the weekly consolidation range supports the positive outlook and points towards the possibility of a continued recovery.In conclusion, gold maintains a sideways-to-positive bias, with the technical structure supporting the possibility of further gains. As long as prices decisively hold above the key 147,000 support level, the broader bullish setup remains in place. Supported by supportive momentum indicators and positive sentiment backdrop, the precious metal appears to be well positioned to trade within its established range, with an upside bias in the coming sessions.
mcx gold trading strategy
- CMP: 152,800
- Target: 163,000
- Stop Loss: 147,000
mcx silver price outlook
On the weekly chart, silver has maintained its support for the third consecutive week. After bouncing off recent lows, prices are now hovering near an important support zone, indicating a possible continuation of the sideways positive bias in the coming week. With the broader trend still positive, short-term pullbacks could provide buying opportunities, as long as last week’s lows hold. Traders are encouraged to trade in line with the current trend by maintaining stop-loss levels near the recent weekly low to manage risk prudently.The week had a weak start, with prices moving towards the weekly low support, reinforcing the existing sideways momentum. However, a bounce off these support levels is expected to revive the broader bullish trend. The positive outlook remains valid as long as prices continue to trade above established weekly support areas. Immediate support is seen near the 225,000 mark, and a decisive close below this range could soften the bullish bias. Until such a breakdown materializes, the corrective decline is expected to attract fresh buying interest, maintaining the overall upward trajectory.On the positive side, silver is well positioned to test the 30-day EMA near the 260,000 resistance level in the near to medium term. A sustained move towards this barrier would confirm the continuation of the prevailing bullish cycle, supported by strong momentum and supportive technical indicators. Overall, provided prices hold firmly above the 225,000 support zone, the uptrend is expected to continue, paving the way for additional gains amid improving positive sentiment.
mcx silver trading strategy
- CMP: 237,000
- Target: 260,000
- Stop Loss: 225,000
(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)