Gold and silver prices are exhibiting contrasting trends this week, according to Abhilash Koikkara, Head of Forex and Commodities at Nuvama Professional Clients Group. While MCX Gold is displaying a bearish bias, MCX Silver is in a consolidation phase.
MCX Gold Price Outlook
On the weekly chart, MCX Gold maintains a sideways to bearish tone, with prices retreating toward the recent breakout zone following a consolidation breakdown. The underlying trend remains bullish, and the current dip, along with any further weakness, could present solid accumulation opportunities. However, a decisive close below key support levels might trigger a deeper pullback. As long as recent swing lows hold, the broader uptrend stays intact.
The 151,000 level is a critical support to monitor, given its technical significance as both a key support and the recent week's low. Any weakness toward this zone is likely to attract buyers, providing a floor under the downside. The broader bullish structure remains valid as long as prices hold above this level. Conversely, a clean close below 151,000 would negate the bullish move on an intermediate basis and shift the tone meaningfully.
Gold has its sights set on 165,000 as the next major resistance. A push toward that level would confirm that the bounce from support has legs and that buyers are firmly back in the picture. With price action staying constructive and showing no signs of weakness, the path of least resistance remains higher, and further gains appear well within reach.
Despite a negative week, the sessions ahead should see gold find support near the 30-week moving average, with the positive underlying trend on the weekly chart keeping further upside on the table. The 151,000 level serves as the intermediate floor holding the broader bullish structure together; losing it would change the picture quickly. Momentum indicators are in a sideways bias, sentiment leans sideways to bullish, and gold appears well-positioned to push higher from current levels.
MCX Gold Trading Strategy
- Current Market Price (CMP): 155,400
- Target: 165,000
- Stop Loss: 151,000
MCX Silver Price Outlook
MCX Silver is consolidating on the weekly chart, pushing against the previous week's high as the first resistance to clear. The base trend remains bullish, with prices building a base near weekly lows and finding support along an upward sloping trendline. The price structure is positive, and with the broader trend still pointing up, any dip toward the previous week's low is worth watching as a buying opportunity. Staying with the trend and keeping stop-losses near the weekly breakout level can guard against sudden downside.
Silver opened the week strongly but has given back gains in recent sessions. The bullish bias holds as long as prices stay above key weekly lows, with 250,000 as the immediate support to watch. A firm close below that mark would put bulls under pressure, but until that happens, any short-term weakness is likely to draw buyers in and keep the broader uptrend on track.
Silver has 285,000 in its sights as the next meaningful target, with the recent swing high at 300,000 as the bigger level to aim for beyond that. A firm close above 300,000 would open the door to further upside and keep the bullish trend firmly in play, backed by steady momentum and supportive technical readings. Below, 250,000 is the floor holding the broader uptrend together; as long as that level stays intact, further gains remain very much on the table.
MCX Silver Trading Strategy
- Current Market Price (CMP): 265,500
- Target: 300,000
- Stop Loss: 250,000
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.
