Gold and Silver Price Prediction: Expert Foresees Continued Upward Momentum
Gold and silver prices are expected to maintain their upward trajectory in the coming trading sessions, according to Abhilash Koikkara, Head of Forex and Commodities at the Nuvama Professional Clients Group. This optimistic outlook is based on detailed technical analysis of the metals' performance on the Multi Commodity Exchange (MCX), highlighting key support and resistance levels that could shape market movements.
MCX Gold Price Outlook: Bullish Bias Intact with Key Support Levels
On the weekly timeframe, MCX Gold has demonstrated resilience by bouncing back from recent lows, finding robust support near the 30-week moving average. This rebound suggests a likely resumption of the upward trend following a brief corrective phase. The metal is currently exhibiting an intermediate bullish stance, potentially creating favorable buying opportunities for investors.
A firm close below critical support levels, however, could trigger a more pronounced correction. Despite this risk, the broader uptrend remains firmly intact as long as prices hold above the recent swing lows. In the upcoming week, the area around the weekly low of 137,000 is anticipated to serve as a crucial support zone, underscoring its technical significance.
Any pullback toward this level is likely to attract fresh buying interest, thereby limiting near-term downside risks. As long as prices remain above this mark, the broader bullish structure is expected to stay robust. Conversely, 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, signaling a rebound from support and sustaining 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, backed by a positive underlying trend that points to further upside potential. With momentum indicators aligned and sentiment remaining favorable, the metal is likely to trade with a positive bias and continue its upward trajectory in the sessions ahead.
MCX Gold Trading Strategy
- Current Market Price (CMP): 144,000
- Target: 155,000
- Stop Loss: 137,000
MCX Silver Price Outlook: Recovery Signals Positive Trend Continuation
From a weekly perspective, silver has staged a notable 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, provided 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 signaling 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
- Current Market Price (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 or Bharat Horizon.
