Gold and silver prices have resumed their upward momentum after the recent correction, signaling a return to bullish market conditions according to commodity experts. This development comes as both precious metals find crucial technical support levels, reinforcing positive sentiment among traders and investors.
MCX Gold Price Outlook: Bullish Structure Intact
MCX Gold on the weekly timeframe has undergone a correction from its all-time high of 180,779. However, prices have found solid support at the rising trendline and have subsequently rebounded, indicating a resumption of the primary bullish trend. The recent acceleration in price movement reinforces the strength and sustainability of this upward move, with the broader outlook remaining positive as long as prices maintain their position above the weekly low.
Key Support and Resistance Levels for Gold
From a weekly perspective, the 147,000 region emerges as a crucial support zone, aligning perfectly with the 30-day exponential moving average. Any pullback toward this significant level is expected to attract fresh buying interest, effectively limiting downside risk in the near term. Maintaining prices above this critical support keeps the bullish technical structure intact and supports ongoing positive momentum.
Gold appears well positioned to advance toward the 175,000 mark in the coming trading sessions. A decisive close above this level would validate the bullish bias for subsequent periods, aligning with the broader uptrend and highlighting the strength of prevailing market momentum. The formation of higher highs and higher lows over recent weeks further supports positive sentiment and points toward the likelihood of sustained upward movement.
Gold Trading Strategy and Technical Analysis
Overall, gold continues to exhibit a positive bias, with the broader technical structure clearly supporting trend continuation. As long as prices remain comfortably above the key 147,000 support level, the bullish setup maintains its validity. Backed by strong momentum indicators and a supportive market sentiment environment, the precious metal appears well placed to carry its upward trajectory forward in the coming sessions.
MCX Gold Trading Strategy:
- Current Market Price: 159,000
- Target: 175,000
- Stop Loss: 147,000
MCX Silver Price Outlook: Renewed Bullish Trend
MCX Silver has experienced a healthy pullback from its all-time high of 420,048 and has since rebounded from recent lows, signaling a resumption of the bullish trend. With the underlying market trend still positive, any ongoing dips may be viewed as potential buying opportunities as long as the latest weekly low holds firm. Market analysts advise aligning trading positions with the prevailing uptrend while maintaining controlled stop-loss levels at recent weekly lows.
Silver's Technical Setup and Market Dynamics
Silver's rally at the start of the current trading week signals a renewed bullish trend and strengthens the outlook for further upside potential. As long as prices remain above the weekly support levels, the positive bias is expected to persist. Immediate key support is identified around the 245,000 zone, and a close below this critical level could potentially weaken the bullish outlook. Until such a development occurs, any pullback is likely to attract fresh buying interest, thereby sustaining upward momentum.
On the upside, silver appears well positioned to test the 330,000 resistance level over the near to medium term. This prospective move points toward a continuation of the prevailing bullish phase, backed by strong momentum indicators and favourable technical parameters. Overall, provided prices remain firmly above the 245,000 support level, silver is expected to sustain its uptrend, with ample scope for further appreciation as bullish market sentiment continues to strengthen.
MCX Silver Trading Strategy:
- Current Market Price: 284,000
- Target: 330,000
- Stop Loss: 245,000
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.
