Gold and Silver Price Prediction: Bullish Momentum to Continue, Says Nuvama Expert
Gold and silver prices are scaling new heights, and this upward trajectory is expected to persist in the coming trading sessions, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. The expert provides a detailed technical analysis and trading outlook for both precious metals, highlighting key support and resistance levels that traders should monitor closely.
MCX Gold Price Outlook: Strong Bullish Momentum Intact
On the weekly timeframe, MCX Gold continues to exhibit robust bullish momentum following a decisive breakout from a brief consolidation phase. The commodity is currently trading near its all-time high of 164,900, with the upside bias firmly established. There is minimal evidence of a trend reversal, suggesting that the advance is likely to continue toward higher levels.
The recent acceleration in price movement further confirms the strength and sustainability of this upward move. The broader outlook remains constructive as long as prices sustain above the weekly low. From a weekly perspective, the 157,500 zone emerges as a critical support level, representing the recent lows of the previous week.
Any retracement toward this area is likely to attract fresh buying interest, thereby cushioning the downside in the near term. Maintaining levels above this support preserves the bullish market structure and sustains positive momentum. Gold appears well positioned to advance toward the 185,000 level in upcoming sessions, aligning with the broader bullish trend and underscoring the strength of prevailing market momentum.
The development of higher highs and higher lows over recent weeks further reinforces positive sentiment, setting the stage for a sustained upward trajectory. Overall, gold maintains an optimistic bias, with the broader technical framework decisively favoring trend continuation.
MCX Gold Trading Strategy
- Current Market Price (CMP): 164,000
- Target: 185,000
- Stop Loss: 157,500
As long as prices remain firmly above the critical 157,500 support level, the bullish formation remains intact. Supported by robust momentum indicators and favorable market sentiment, the metal appears well positioned to extend its advance in the sessions ahead.
MCX Silver Trading Outlook: New All-Time Highs Achieved
MCX Silver has registered new all-time highs for the fifth consecutive week, extending a well-established sequence of higher highs that has persisted for several months. With little evidence of momentum decline, the overall bias remains decisively positive. Any corrective pullbacks are likely to attract renewed buying interest.
Experts recommend positioning in line with the prevailing trend, which remains firmly bullish, while avoiding positions that go against this strong upward momentum. Silver's early-week rally has underscored a resurgence in trend strength, enhancing the prospects for additional upside.
Provided prices continue to hold above the weekly support levels, the bullish bias should remain intact. The immediate key support is located around the 340,000 zone, which may offer an attractive accumulation opportunity. Any retracement toward this area is likely to draw fresh buying interest, helping to stabilize prices and preserve upward momentum.
On the upside, silver appears well positioned to test the 415,000 resistance over the near to medium term. This anticipated move reflects a continuation of the current bullish phase, supported by strong momentum and favorable technical indicators.
MCX Silver Trading Strategy
- Current Market Price (CMP): 377,300
- Target: 415,000
- Stop Loss: 340,000
Overall, provided prices remain firmly anchored above the 340,000 support level, silver is expected to maintain its bullish trend, with considerable scope for further appreciation as bullish sentiment continues to strengthen.
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.
