Gold and Silver Prices Poised for Sustained Long-Term Growth
Gold and silver prices have demonstrated a robust recovery from their recent lows, establishing a clear trajectory for long-term appreciation according to market experts. Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, asserts that both precious metals are positioned for extended upward movement in the coming sessions.
MCX Gold Price Outlook and Technical Analysis
On the weekly chart, MCX Gold maintains a distinctly bullish bias following a successful rebound from critical trendline support. A decisive break above last week's high of 160,755, which currently serves as immediate resistance, would significantly reinforce and confirm the positive outlook. The recent acceleration in momentum underscores the strength and sustainability of this upward move, with the broader trend remaining favorable as long as prices stay above the weekly low.
For the upcoming week, the 148,400 level emerges as a crucial support zone, coinciding precisely with the 30-day exponential moving average and amplifying its technical importance. Any corrective dip toward this region is expected to attract substantial renewed buying interest, effectively mitigating near-term downside pressure. Maintaining positions above this critical threshold preserves the broader bullish structure and emphasizes the existing upward momentum.
Gold appears poised to continue its advance toward the 175,000 level in forthcoming sessions. A firm close beyond this mark would serve as definitive confirmation of sustained bullish strength in subsequent periods. This projected movement aligns seamlessly with the larger uptrend and reflects solid underlying momentum. Furthermore, the consistent pattern of higher highs and higher lows on the weekly chart reinforces the constructive outlook and signals potential for a prolonged rally.
In summary, gold maintains an unequivocally positive outlook, with the technical framework favoring additional upside potential. Provided prices remain firmly above the critical 148,400 support zone, the bullish structure stays completely intact. Bolstered by strong momentum signals and an encouraging sentiment background, the precious metal appears strategically positioned to extend its advance in sessions ahead.
MCX Gold Trading Strategy
- Current Market Price: 158,500
- Target: 175,000
- Stop Loss: 148,400
MCX Silver Price Outlook and Technical Perspective
MCX Silver has rebounded decisively from recent lows, with prices currently testing a key retracement zone and indicating potential continuation of the broader uptrend. Since the underlying trend remains fundamentally positive, interim declines may present strategic buying opportunities, provided the previous weekly low continues to hold firmly. Traders are advised to align positions with the prevalent trend while implementing stop-loss levels near recent weekly lows to manage risk effectively.
The strong commencement of the week reinforces the return of bullish momentum and supports expectations of additional gains. The positive outlook remains intact as long as prices trade above established weekly support levels. Immediate support is positioned near the 226,000 mark; a decisive close below this critical area could potentially temper the bullish perspective. Until such a breakdown occurs, corrective dips are likely to invite renewed buying interest, helping sustain the upward trajectory.
On the higher side, silver appears positioned to challenge the 315,000 resistance level in the near to medium term. Such a movement would reinforce continuation of the ongoing bullish cycle, supported by solid momentum and constructive technical signals. Overall, as long as prices hold decisively above the 226,000 support zone, the uptrend is likely to remain intact, leaving ample room for further gains amid strengthening positive sentiment.
MCX Silver Trading Strategy
- Current Market Price: 264,500
- Target: 315,000
- Stop Loss: 226,000
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.
