Kamal Ghorui
Gold and silver price prediction: Gold prices may rally towards Rs 1.72 lakh and silver prices to Rs 3 lakh, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
On the weekly chart, MCX Gold is exhibiting a sideways-to-bullish bias after bouncing back from its recent high and returning to its established range. The metal has resumed its advance following a rebound from a base near the rising trend line on the weekly timeframe. A decisive close below this support may trigger a deeper correction. Nevertheless, the broader trend remains tilted to the upside as long as prices hold above the recent swing lows.In the coming week, the 158,000 level is expected to act as a crucial support zone, coinciding with the previous week’s low and strengthening its technical importance. Any pullback toward this area may invite fresh buying interest, helping to contain near-term downside risks. Provided prices stay above this threshold, the broader bullish structure remains intact, reinforcing the prevailing upward momentum.Gold looks hovering to extend its rally toward the 172,000 mark in the upcoming sessions. Such a move would represent a bounce from support, potentially driving continued bullish momentum in the near term. Moreover, the steady price action within the weekly consolidation range underpins the positive outlook and indicates room for a more continued resurgence.To sum it up, old maintains a sideways-to-bullish bias, with technical conditions suggesting further upside potential. As long as prices hold above the key 158,000 support level, the broader bullish structure remains intact. Backed by positive momentum indicators and a favourable sentiment environment, the metal appears positioned to trade within its current range while preserving an upward bias in the coming sessions.
MCX Gold Trading Strategy
- CMP: 163,700
- Target: 172,000
- Stop Loss: 158,000
MCX Silver Price Outlook
On the weekly chart, silver has bounced off support, remaining above its recent swing low for the third straight week. After this recovery, prices are now nearing a significant resistance zone, suggesting a likely continuation of the sideways-to-bullish bias in the coming week. With the broader trend still positive, short-term pullbacks may offer buying opportunities, as long as last week’s low holds. Traders are encouraged to align their positions with the prevailing trend while placing stop-losses near the recent weekly lows to manage risk efficiently.The week started on a strong note, with prices rising above last week’s high, reinforcing the ongoing sideways-to-bullish momentum. The positive outlook remains valid as long as prices stay above the established weekly support zones. Immediate support is seen near the prior week’s low at 254,000, and a decisive close below this level could weaken the bullish bias. Until then, any pullbacks are likely to attract fresh buying interest, maintaining the broader upward trend.On the upside, silver appears positioned to test the recent swing near the 300,000 resistance zone in the near to medium term. A sustained move toward this level would reinforce the ongoing bullish trend, supported by steady momentum and favourable technical indicators. Overall, as long as prices remain above the 254,000 support area, the broader uptrend is likely to stay intact, paving the way for further gains amid strengthening positive sentiment.
MCX Silver Trading Strategy
- CMP: 275,300
- Target: 300,000
- Stop Loss: 254,000
(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)
