Gold and silver price prediction today: Gold prices are exhibiting a near-term bullish bias with consolidation in focus. Silver is presenting a buying opportunity, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
MCX Gold has entered a consolidation phase following the descending triangle breakout, but as the prices are continuing to hold above the formation is a positive sign & keeps the near-term trend in the bullish bias. Prices are forming a base above the trendline that triggered the breakout, which adds further confidence to the bullish structure. With the base trend staying firmly positive, any near-term dip toward support is worth treating as an accumulation opportunity rather than a warning sign of a trend reversal.Gold’s 149,000 level is the breakout level from the formation and last week’s key support, remains the crucial support to watch heading into the current week as well. Any dip toward this zone should attract fresh buyers and limit the downside. Gold is targeting 162,000 as the next meaningful resistance, with the current setup continuing to favour the bullish bias. A sustained close above 156,000 on a daily basis would confirm the support bounce and signal that buyers are back in control & have successfully resumed the bullish move.Gold started the week on a strong note with a gap up opening, breaking above the previous week’s move, while the weekly trend continues to keep the door open for further gains. The 149,000 level is the support holding the bullish setup together & a breach of that level would call the bullish move into question. With momentum staying positive and the broader trend intact, gold looks well-positioned to extend its advance from current levels.
MCX Gold Trading Strategy
- CMP: 154,200
- Target: 162,000
- Stop Loss: 149,000
MCX Silver Price Outlook
Silver is retracing toward the breakout zone from the descending triangle formation & the current move can be seen as a potential buying opportunity rather than a reversal. With the base trend staying positive, prices have pulled back from recent highs to test the breakout level in what looks like a healthy retest of the breakout. Overall, silver’s short term bias is more towards the sideways to positive bias compared to gold’s firm bullish trend, but the bullish case from current levels stays firmly intact and the broader setup continues to favour the upside.Given the recent pullback from the highs, the 220,000 level stands out as a strong support, as it marks the breakout level and should limit any further downside. The near-term technical outlook stays positive as long as prices hold above this level. A firm close below it would shift the bias, but any dips above that mark should attract buyers and keep the broader uptrend intact.Silver’s next target is 240,000 as the immediate resistance, with 252,000 as the next resistance to aim for beyond that. A move above 240,000 would confirm the bullish bias & keep the bullish momentum going. Both technicals and momentum are supportive of the positive bias. The key support to sustain is the level of 220,000 & staying above that level keeps the bullish trend firmly in place.
MCX Silver Trading Strategy
- CMP: 229,700
- Target: 252,000
- Stop Loss: 220,000
(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.)
