Gold and silver prices may continue to rise, with both precious metals exhibiting a bullish bias, according to Abhilash Koikkara, Head of Forex and Commodities at Nuvama Professional Clients Group. The analyst shared insights on the outlook for MCX Gold and Silver, highlighting key support and resistance levels for traders.
MCX Gold Price Outlook
On the weekly chart, MCX Gold is trending sideways to bullish, bouncing from recent lows and pushing back toward the recent swing high within its broader range. Trading above trendline resistance keeps the underlying uptrend in good shape. The intermediate outlook remains bullish, making near-term dips a potential accumulation opportunity. However, a firm close below key support levels could invite a deeper pullback, but as long as prices hold above the recent swing lows, the broader uptrend stays intact.
Looking ahead to next week, the 147,500 zone aligned with the weekly low stands out as a key support level worth monitoring. Any pullback toward this area is likely to attract fresh buyers, limiting downside risk. The broader bullish structure holds as long as prices remain above this level, but a firm close below it would invalidate the bullish case. The next targets for gold are set at 161,000 and 165,000, with the current setup favoring further upside in the coming sessions. A push toward these levels would validate the bounce from support and maintain bullish momentum. Price action remains firm, pointing to more gains ahead.
Gold's bullish bias remains intact, backed by a positive underlying trend that keeps further upside on the table. The broader bullish structure holds as long as prices stay above the 147,500 support level. With momentum indicators pointing in the right direction and sentiment still leaning positive, gold appears well-positioned to extend its upward move in the sessions ahead.
MCX Gold Trading Strategy
- Current Market Price (CMP): 152,600
- Target: 165,000
- Stop Loss: 147,500
MCX Silver Price Outlook
On the weekly chart, silver is keeping its bullish momentum alive, bouncing from the lower end of its range and holding within the broader consolidation. The rebound from recent lows keeps the price structure positive, and with the larger trend still pointing up, any pullbacks toward the previous week's low could be viewed as buying opportunities. Traders should align with the trend and maintain stop-losses near the latest weekly lows to protect against unexpected downside.
The market opened the week on a sideways note, but the bounce from recent lows keeps upward momentum alive. The bullish bias holds as long as prices stay above key weekly support levels. The previous week's low at 236,000 is the immediate support to watch; a firm close below this mark would put the bullish case under pressure. Until that happens, any short-term dips are likely to attract buyers, keeping the broader uptrend on track. On the upside, silver looks set to revisit the recent swing high around 260,000, with 280,000 as the next meaningful target over the near to medium term. A firm close above 260,000 would open the door to that higher level and sustain the bullish trend, backed by steady momentum and supportive technical readings. As long as 236,000 holds as support, the broader uptrend remains intact, and further gains are on the table.
MCX Silver Trading Strategy
- Current Market Price (CMP): 253,300
- Target: 280,000
- Stop Loss: 236,000
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.
