Gold and silver price prediction today: Gold prices are consolidating and silver prices are exhibiting a sideways to bullish bias, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
MCX Gold is holding the consolidation and defending the previous swing low support, keeping its sideways to bullish tone in place. The base trend is firmly up making any near-term dip a potential accumulation opportunity. Watch the recent swing lows closely, a firm close below key support risks a deeper correction, but holding above those levels keeps the broader uptrend alive.148,000 is the level that deserves the most attention heading into the week, it marks the recent week’s low and stands as the most critical support on the chart. A pullback to this zone should bring buyers back in and limit any further weakness. Hold above it and the bullish structure stays sound, but a decisive close below negates the intermediate bullish move entirely and changes the picture quickly.Gold has its target set on 160,000 as the next resistance, and the setup continues to shape up well for the upside in the sessions ahead. Reaching that level would confirm that the bounce from support had real legs and that buyers have firmly reclaimed control. With price action staying positive and showing no signs of exhaustion, the path of least resistance stays higher and further gains look well within reach from here.A bright start to the week for Gold, with prices expected to challenge the consolidation ceiling in the sessions ahead, the weekly trend leaves room for more upside. The 148,000 support is the backbone of the current bullish setup, crack that and the narrative shifts fast. Momentum sits in neutral, sentiment stays optimistic, and gold has the makings of a move higher from current levels.
MCX Gold Trading Strategy
- CMP: 152,400
- Target: 160,000
- Stoploss: 148,000
MCX Silver Price Outlook
MCX Silver has recovered from last week’s low and is holding a sideways to bullish tone heading into the sessions ahead. The underlying trend remains positive, with prices finding support near the weekly moving average and keeping the broader setup intact. The positive price structure and the upward pointing trend make any near-term weakness toward last week’s low a potential accumulation zone. Trade with the prevailing trend and place stop-losses close to the weekly breakout level to stay protected against any sharp reversal. A bullish start to the week for Silver, but recent sessions have seen prices consolidated around the recent high. The bullish case holds as long as 235,000 remains intact as the key weekly support. Losing that level on a closing basis would shift the tone for bulls, but dips ahead of that are likely to be bought into, keeping the uptrend alive.265,000 is the next level in silver’s upmove, with the swing high at 270,000 as an immediate target for the week. A clean close above 270,000 unlocks further upside and keeps the bullish momentum going, technicals and momentum are both supportive. The critical support to protect remains at 235,000, hold above it and the case for further gains stays strong.
MCX Silver Trading Strategy
- CMP: 249,000
- Target: 270,000
- Stop Loss: 235,000
(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.)
