Kamal Ghorui
Gold and silver price prediction today: Gold prices may see some upside swing, while silver prices may move up to Rs 285,000, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
On the weekly chart, MCX Gold is undergoing a corrective phase after pulling back from its recent high and drifting toward prior lows. The metal currently reflects an intermediate bearish bias, but this decline may present a potential buying opportunity. However, a decisive close below the support level could trigger a deeper correction. Despite this, the broader trend remains bullish as long as prices hold above the recent swing lows.In the upcoming week, the 150,000 level is expected to act as a crucial support zone, coinciding with the previous week’s low and reinforcing its technical importance. Any dip toward this area may invite fresh buying interest, helping to contain near-term downside risks. As long as prices sustain above this level, the broader bullish structure should remain intact. Conversely, a close below this level would invalidate the bullish outlook.Gold looks set to continue its advance toward the 165,000 level in the sessions ahead. This move would indicate a rebound from support and could help maintain near-term bullish momentum. Additionally, the steady price behaviour within the weekly consolidation range reinforces the positive outlook and points to the potential for a continued recovery.In summary, gold currently reflects a sideways-to-bearish bias; however, with the underlying trend remaining positive, there is potential for an upward move. As long as prices hold above the key support level of 150,000, the broader bullish structure is expected to remain intact. Backed by supportive momentum indicators and a favourable sentiment backdrop, the metal is likely to trade within its existing range, maintaining a range-bound trajectory in the sessions ahead.
MCX Gold Trading Strategy
- CMP: 155,400
- Target: 165,000
- Stop Loss: 150,000
MCX Silver Price Outlook
On the weekly chart, silver has declined toward its support zone while holding above the recent weekly swing low. After this pullback, prices are nearing a key support area, suggesting a possible end to the correction in the coming week. With the broader trend still positive, short-term dips may offer buying opportunities, as long as last week’s low remains intact. Traders are encouraged to stay aligned with the prevailing trend while placing stop-losses near the recent weekly lows to manage risk effectively.The week started on a firm note, with prices rebounding from recent lows and reaffirming the ongoing sideways-to-bullish momentum. This positive outlook is likely to continue as long as prices remain above the established weekly support zones. Immediate support is seen near the previous week’s low at 238,000, and a decisive close below this level could undermine the bullish bias. Until then, any dips may draw 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 over the near to medium term. A sustained move toward this level would further validate the prevailing bullish trend, supported by steady momentum and favourable technical indicators. Overall, as long as prices hold above the 238,000 support area, the broader uptrend is likely to stay intact, potentially paving the way for further gains amid strengthening positive sentiment.
MCX Silver Trading Strategy
- 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 given by experts are their own. These opinions do not represent the views of The Times of India)
