Gold and silver price prediction today: Gold and silver prices may sustain their up move in the coming sessions, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
On the weekly timeframe, MCX Gold has bounced back from recent lows, finding support near the 30-week moving average, indicating a likely resumption of the upward trend following a brief pullback. The metal is displaying an intermediate bullish stance, potentially creating a buying window. A firm close below key support, however, could trigger a more pronounced correction. Nevertheless, the broader uptrend remains intact as long as prices hold above the recent swing lows.In the coming week, the area around the weekly low of 137,000 is likely to serve as a key support zone, underscoring its technical significance. Any pullback toward this level could attract fresh buying interest, thereby limiting near-term downside risk. As long as prices hold above this mark, the broader bullish structure is expected to remain intact. However, a close below this level would negate the bullish outlook.Gold appears poised to extend its rally toward the 155,000 level in the upcoming sessions. This upward move would signal a rebound from support and could sustain near-term bullish momentum. Moreover, the consistent strength in price action supports the positive outlook and suggests the recovery may continue.In summary, gold maintains a bullish bias, supported by a positive underlying trend that points to further upside potential. As long as prices stay above the key support level of 137,000, the broader bullish structure should remain intact. With momentum indicators aligned and sentiment remaining favourable, the metal is likely to trade with a positive bias and continue its upward trajectory in the sessions ahead.
MCX Gold Trading Strategy
- CMP: 144,000
- Target: 155,000
- Stop Loss: 137,000
MCX Silver Price Outlook
From a weekly perspective, silver has staged a recovery off its support base while continuing to trade above a crucial moving average. Following the bounce from recent lows, the price structure reflects a positive tone. As the larger trend remains upward, short-term dips may offer accumulation opportunities, as long as the previous week’s low is not breached. Market participants should align their positions with the dominant trend and consider keeping protective stop-loss levels close to the latest weekly lows to effectively control risk.The market opened the week on a firm note, staging a recovery from recent lows and signalling continued upward strength. The positive outlook is likely to remain intact as long as prices hold above key weekly support levels. The first line of support is seen near the previous week’s low at 217,000, and a confirmed close below this point may challenge the current positive bias. Until then, short-term corrections are expected to invite buying interest, supporting the continuation of the broader upward trend.On the upside, silver looks poised to retest the breakdown level around the 260,000 resistance zone in the near to medium term. A sustained move toward this area would reinforce the ongoing bullish trend, backed by steady momentum and supportive technical indicators. Overall, as long as prices remain above the 217,000 support zone, the broader uptrend is expected to stay intact, potentially opening the door for further gains amid improving positive sentiment.
MCX Silver Trading Strategy
- CMP: 235,400
- Target: 260,000
- Stop Loss: 217,000
(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)
