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, with prices continuing to trade lower on a weekly basis and pointing to a sideways to bearish setup. This pattern suggests that selling pressure remains dominant in the near term, with the possibility of sideways bias once the ongoing consolidation phase comes to a halt. However, with the base trend firmly positive, the ongoing correction toward support is better viewed as an accumulation opportunity rather than a sign of trend reversal.The hike in US Federal Reserve’s Interest Rate Decision has added to the volatility in prices in the week ahead.Prices are likely to continue trading within a consolidation range in the near term, but a decisive breakdown from this phase could trigger another leg of selling. On the downside, 148,000 is the first important support to maintain. A sustained break below that level could extend the decline further toward the 144,000–140,000 zone.On the upside, 155,000 is the key resistance level to watch & a move above that level would negate the intermediate bearish bias and signal a resumption of the bullish move. A sustained daily close above 155,000 would confirm that buyers have firmly resumed control and the bullish move is back in place.Gold has started off the week, trading with lower lows and taking out the previous week’s low, a move that keeps the weekly trend leaning toward further correction. With momentum staying on the negative side, gold looks well-placed to extend its corrective move through the sessions ahead.
MCX Gold Trading Strategy
- CMP: Rs 151,900
- Target: Rs 144,000
- Stop Loss: Rs 155,000
MCX Silver Price Outlook
MCX Silver, much like gold, is likely to remain under pressure in the coming sessions, with the overall technical setup continuing to point toward weakness. Rising US Treasury yields & the recent hike in the interest rates of the Federal Reserve meeting, remains a key factor influencing precious metals & higher yields & interest tend to reduce the appeal of non-yielding assets like silver. Silver’s short-term bias leans sideways to negative, mirroring gold’s ongoing corrective trend, though the broader setup continues to favour the upside and a bounce from lower levels is anticipated as prices work through this corrective phase.Following the recent pullback from the highs, the 225,000 level stands out as a strong support for the week and should limit any further downside. The near-term technical outlook stays cautious as long as prices remain above this support. A firm close below it would shift the bias to negative, but any dips above that mark should attract buyers and keep the broader uptrend intact.Silver has the 242,000 level as the immediate resistance, with 248,000 as the next resistance beyond that. A move above 248,000 would confirm the bullish bias and keep the momentum firmly alive & technicals and momentum are both pointing to support the correction phase. However, prices are expected to target the 225,000 support level and staying above that support keeps the trend in the corrective phase.
MCX Silver Trading Strategy
- CMP: Rs 235,200
- Target: Rs 225,000
- Stop Loss: Rs 242,000
(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)
