MCX Gold is likely to remain under pressure in the near term as the price structure continues to form lower highs and lower lows.

Gold and silver price prediction today: Both gold and silver prices are expected to remain under pressure in the coming days, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group. Below is his outlook and trading strategy for gold and silver:

MCX Gold Price Outlook

MCX Gold is likely to remain under pressure in the near term as the price structure continues to form lower highs and lower lows, indicating a negative and bearish setup. This pattern suggests that selling pressure remains dominant, with the possibility of further downside once the ongoing consolidation phase comes to an end.Prices may continue to trade within a consolidation range in the short term; however, a decisive breakdown from this phase could trigger another leg of selling. On the downside, 148,000 is likely to act as the first important support level. If prices break below this level with sustained selling pressure, the decline could extend further toward the 145,000 zone.On the upside, 159,000 remains a crucial resistance level. Unless MCX Gold manages to decisively break and sustain above this resistance, the broader short-term trend is expected to remain weak. Any recovery toward the resistance zone could therefore face renewed selling pressure.Overall, the technical setup continues to favor a sell-on-rise approach, with traders closely watching the 148,000 and 145,000 levels as potential downside targets. A sustained move above 159,000, however, would weaken the bearish view and could indicate a potential trend reversal.

MCX Gold Trading Strategy

MCX Silver Price Outlook

MCX Silver, similar to Gold, is likely to remain under pressure in the coming sessions, with the overall technical setup continuing to indicate weakness. The rise in US Treasury yields ahead of the upcoming Federal Reserve meeting on September 16 is expected to remain a key factor influencing precious metals, as higher yields can reduce the attractiveness of non-yielding assets such as Silver.From a technical perspective, MCX Silver continues to maintain a negative setup, with selling pressure likely to persist unless the metal manages to reclaim its immediate resistance levels. Prices could witness further declines after periods of consolidation, keeping the broader near-term trend bearish.On the downside, 230,000 emerges as an important level to watch. A sustained break below the prevailing support zone could accelerate the decline and push prices toward this target. Traders should therefore remain cautious and monitor price action around the support levels for signs of further weakness.On the upside, 248,000 is likely to act as a crucial resistance level. Unless MCX Silver decisively breaks and sustains above this level, any recovery could attract fresh selling pressure.Overall, the technical structure favors a sell-on-rise strategy, with 230,000 as the key downside level and 248,000 as the major resistance.

MCX Silver Trading Strategy

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