Gold and silver price prediction: Gold may extend its rally to the Rs 1,63,000 per 10 grams mark and silver has managed to sustain support, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
On the weekly chart, MCX Gold has been moving in a consolidation phase after retreating from its recent high. The price action appears to be building a base near an upward-sloping trend line on the weekly time frame, and a decisive close below this support could trigger further correction in the precious metal. Nevertheless, the broader trend remains bullish as long as prices hold above the recent swing lows.For the coming week, the 147,000 level is expected to act as a crucial support zone, as it coincides with the rising trend line and strengthens its technical importance. Any pullback toward this area may invite fresh buying interest, helping to cushion immediate downside risks. As long as prices remain above this threshold, the broader bullish structure stays intact, reinforcing the prevailing upward momentum.Gold seems poised to extend its rally toward the 163,000 mark in the upcoming sessions. This anticipated move is likely to represent a rebound from support, paving the way for sustained bullish momentum in the near term. Moreover, the steady price action within the weekly consolidation range supports the positive outlook and points to the possibility of a continued recovery.In conclusion, gold maintains a sideways-to-positive bias, with the technical structure supporting the potential for further gains. As long as prices hold decisively above the key 147,000 support level, the broader bullish setup remains intact. Backed by supportive momentum indicators and a positive sentiment backdrop, the precious metal appears well-positioned to trade within its established range, with an upward inclination in the sessions ahead.
MCX Gold Trading Strategy
- CMP: 152,800
- Target: 163,000
- Stop Loss: 147,000
MCX Silver Price Outlook
On the weekly chart, Silver has sustained its support for the third straight week. After rebounding from recent lows, prices are now hovering near a crucial support zone, suggesting a possible continuation of the sideways-to-positive bias in the coming week. With the broader trend still positive, short-term pullbacks may offer buying opportunities, as long as the previous week’s low remains intact. Traders are encouraged to trade in line with the prevailing trend while maintaining stop-loss levels near the recent weekly lows to manage risk prudently.The week commenced on a weaker note, with prices drifting toward the weekly low support, reinforcing the prevailing sideways momentum. However, a rebound from these support levels is anticipated to revive the broader bullish trend. The positive outlook remains valid as long as prices continue to trade above the established weekly support zones. Immediate support is seen near the 225,000 mark, and a decisive close below this threshold may soften the bullish bias. Until such a breakdown materializes, corrective declines are expected to attract fresh buying interest, thereby maintaining the overall upward trajectory.On the upside, silver appears well-positioned to test the 30-day EMA near the 260,000 resistance level in the near to medium term. A sustained move toward this barrier would reaffirm the continuation of the prevailing bullish cycle, backed by firm momentum and supportive technical indicators. Overall, provided prices remain firmly above the 225,000 support zone, the upward trend is expected to stay intact, paving the way for additional gains amid improving positive sentiment.
MCX Silver Trading Strategy
- CMP: 237,000
- Target: 260,000
- Stop Loss: 225,000
(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)
