Gold and Silver Price Prediction: Expert Forecasts Rally to Rs 1.7 Lakh and Rs 3 Lakh
Gold and silver prices are exhibiting a sideways-to-bullish bias, with potential rallies to Rs 1.7 lakh for gold and Rs 3 lakh for silver, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. This analysis comes amid ongoing geopolitical tensions, including the Israel-Iran conflict, which has seen Saudi Arabia intercept a drone headed to the Shaybah oil field and Israeli strikes on Hezbollah targets in Beirut. The Middle East crisis has also drawn condemnation from India's Ministry of External Affairs over attacks on an India-bound Thai ship, highlighting the loss of innocent lives as unacceptable.
MCX Gold Price Outlook: Sideways-to-Bullish Bias with Key Support at Rs 1.58 Lakh
On the weekly chart, MCX Gold is displaying a sideways-to-bullish bias after retreating from its recent high and moving back into its established range for the third consecutive week. The metal has built a solid base near the breakout zone on the weekly timeframe, further supported by a strong rising trendline. A decisive close below this support could trigger a deeper correction, but the broader trend continues to favor the upside as long as prices remain above the recent swing lows.
In the coming week, the Rs 1,58,000 level is expected to serve as a crucial support zone, aligning with the previous week's low and enhancing its technical significance. Any decline toward this area is likely to attract renewed buying interest, thereby limiting near-term downside risks. As long as prices hold above this level, the broader bullish structure is anticipated to remain intact, supporting the ongoing upward momentum.
Gold appears poised to extend its rally toward the Rs 1,70,000 mark in the upcoming sessions. Such a move would reflect a rebound from support and could help sustain bullish momentum in the near term. Moreover, the stable price action within the weekly consolidation range supports the positive outlook and suggests potential for a continued recovery.
In summary, gold continues to exhibit a sideways-to-bullish bias, with technical indicators pointing to the possibility of further upside. As long as prices remain above the key support level of Rs 1,58,000, the broader bullish structure is likely to stay intact. Supported by positive momentum signals and a favorable sentiment backdrop, the metal appears set to move within its current range while maintaining an upward bias in the sessions ahead.
MCX Gold Trading Strategy
- CMP: Rs 1,62,300
- Target: Rs 1,70,000
- Stoploss: Rs 1,58,000
MCX Silver Price Outlook: Rebound from Support with Resistance at Rs 3 Lakh
On the weekly chart, silver has rebounded from support and has remained above its recent swing low for the third consecutive week. Following this recovery, prices are now approaching the resistance zone, indicating a potential continuation of the sideways-to-bullish bias in the week ahead. With the broader trend still positive, short-term pullbacks could present buying opportunities, provided last week's low remains intact. Traders are advised to align their positions with the prevailing trend while keeping stop-loss levels near the recent weekly lows to manage risk effectively.
The week began on a strong footing, with prices moving above last week's high and reinforcing the prevailing sideways-to-bullish momentum. The constructive outlook is likely to persist as long as prices hold above the established weekly support zones. Immediate support is located near the previous week's low at Rs 2,54,000, and a decisive close below this level could weaken the bullish bias. Until such a break occurs, any pullbacks may attract renewed buying interest, helping to sustain the broader upward trend.
On the upside, silver seems poised to retest the recent swing high near the Rs 3,00,000 resistance zone in the near to medium term. A sustained move toward this level would further confirm the prevailing bullish trend, backed by steady momentum and supportive technical indicators. Overall, as long as prices remain above the Rs 2,54,000 support area, the broader uptrend is expected to remain intact, potentially opening the door for additional gains amid strengthening positive sentiment.
MCX Silver Trading Strategy
- CMP: Rs 2,70,900
- Target: Rs 3,00,000
- Stoploss: Rs 2,54,000
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.
