Gold and Silver Price Outlook: Expert Predicts Potential Upside Swing
Gold prices may experience an upward movement, while silver prices could potentially rise to Rs 285,000, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. This analysis comes amid ongoing market volatility influenced by geopolitical tensions, including the Israel-Iran conflict, which has seen recent escalations such as US strikes on Iranian missile sites and Iranian attacks on Tel Aviv.
MCX Gold Price Analysis and Trading Strategy
On the weekly chart, MCX Gold is currently in a corrective phase after retreating from recent highs and approaching prior lows. The metal exhibits an intermediate bearish bias, but this decline might offer a buying opportunity. However, a decisive close below key support levels could trigger a deeper correction. Despite this, the broader trend remains bullish as long as prices hold above recent swing lows.
In the upcoming week, the 150,000 level is expected to serve as a critical support zone, aligning with the previous week's low and reinforcing its technical significance. Any dip toward this area may attract fresh buying interest, helping to mitigate near-term downside risks. As long as prices sustain above this level, the bullish structure should remain intact. Conversely, a close below 150,000 would invalidate the bullish outlook.
Gold is poised to advance toward the 165,000 level in the sessions ahead, indicating a rebound from support and supporting near-term bullish momentum. The steady price behavior within the weekly consolidation range further reinforces the positive outlook, suggesting potential for continued recovery.
MCX Gold Trading Strategy:
- Current Market Price (CMP): 155,400
- Target: 165,000
- Stop Loss: 150,000
MCX Silver Price Analysis and Trading Strategy
On the weekly chart, silver has declined toward its support zone while remaining above the recent weekly swing low. This pullback brings prices near a key support area, hinting at a possible end to the correction in the coming week. With the broader trend still positive, short-term dips may present buying opportunities, provided last week's low holds. Traders are advised to align with the prevailing trend and place stop-losses near recent weekly lows to manage risk effectively.
The week began on a firm note, with prices rebounding from recent lows and reaffirming sideways-to-bullish momentum. This positive outlook is likely to persist as long as prices stay above established weekly support zones. Immediate support is observed near the previous week's low at 238,000, and a decisive close below this level could weaken the bullish bias. Until then, any dips may attract fresh buying interest, supporting the broader upward trend.
On the upside, silver appears ready to revisit the recent swing high near the 285,000 resistance zone in the near to medium term. A sustained move toward this level would further validate the prevailing bullish trend, backed by steady momentum and favorable technical indicators. Overall, as long as prices hold above the 238,000 support area, the broader uptrend is expected to remain intact, potentially leading to further gains amid strengthening positive sentiment.
MCX Silver Trading Strategy:
- Current Market Price (CMP): 253,300
- Target: 285,000
- Stop Loss: 238,000
Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips provided by experts are their own. These opinions do not represent the views of The Times of India or Bharat Horizon.
