Gold and Silver Price Outlook: Expert Predicts Significant Rally Amid Market Volatility
In a recent analysis, Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, has projected a bullish trajectory for precious metals, with gold prices potentially rallying towards Rs 1.72 lakh and silver prices targeting Rs 3 lakh. This forecast comes amidst ongoing geopolitical tensions, including the Israel-Iran conflict, which has heightened market uncertainty and influenced commodity trends.
MCX Gold Price Analysis and Technical Outlook
On the weekly chart, MCX gold is displaying a sideways-to-bullish bias after rebounding from recent highs and returning to its established trading range. The metal has resumed its upward movement following a bounce from a base near the rising trend line on the weekly timeframe. A decisive close below this critical support level could trigger a deeper correction, but the broader trend remains tilted to the upside as long as prices hold above recent swing lows.
In the coming week, the 158,000 level is expected to serve as a crucial support zone, aligning with the previous week's low and reinforcing its technical significance. Any pullback toward this area is likely to attract fresh buying interest, helping to mitigate near-term downside risks. Provided prices stay above this threshold, the bullish structure remains intact, supporting continued upward momentum.
Gold appears poised to extend its rally toward the 172,000 mark in upcoming sessions, representing a bounce from support that could drive sustained bullish momentum. The steady price action within the weekly consolidation range underpins this positive outlook, indicating potential for further resurgence.
In summary, gold maintains a sideways-to-bullish bias, with technical conditions suggesting additional upside potential. As long as prices hold above the key 158,000 support level, the broader bullish trend is expected to persist, backed by positive momentum indicators and favorable market sentiment.
MCX Gold Trading Strategy
- Current Market Price (CMP): 163,700
- Target: 172,000
- Stop Loss: 158,000
MCX Silver Price Analysis and Technical Outlook
On the weekly chart, silver has bounced off support, remaining above its recent swing low for the third consecutive week. Following this recovery, prices are approaching a significant resistance zone, suggesting a likely continuation of the sideways-to-bullish bias in the near term. With the broader trend still positive, short-term pullbacks may present buying opportunities, provided last week's low holds firm.
The week commenced on a strong note, with prices rising above last week's high, reinforcing the ongoing sideways-to-bullish momentum. This positive outlook remains valid as long as prices stay above established weekly support zones. Immediate support is identified near the prior week's low at 254,000, and a decisive close below this level could weaken the bullish bias. Until then, any pullbacks are expected to attract fresh buying interest, sustaining the broader upward trend.
On the upside, silver appears positioned to test the recent swing near the 300,000 resistance zone in the near to medium term. A sustained move toward this level would reinforce the ongoing bullish trend, supported by steady momentum and favorable technical indicators. Overall, as long as prices remain above the 254,000 support area, the broader uptrend is likely to stay intact, paving the way for further gains amid strengthening positive sentiment.
MCX Silver Trading Strategy
- Current Market Price (CMP): 275,300
- Target: 300,000
- Stop Loss: 254,000
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.
