Gold and silver price prediction today: Both gold and silver prices are showing a bullish bias over the last few sessions, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
MCX Gold has initiated a bullish bias following a breakout from the consolidation, pointing to a positive near-term trend. Prices have also broken out of a descending triangle formation, adding further conviction to the bullish case. With the base trend firmly positive, any dip toward support is worth treating as a buying opportunity rather than a sign of reversal.The 149,000 level being the breakout level from the consolidation is the crucial support to watch for the week. Any dip toward this zone should attract buyers and cushion the downside. Gold is targeting 160,000 as the immediate resistance, with the current setup continuing to favour the bullish bias. Holding above 155,000 on a daily basis would validate the support bounce and signal that buyers are firmly back in the driving seat.Gold had begun the week on a positive mark, breaking above the trendline resistance while the weekly trend keeps the door open for further gains. The 149,000 mark is the backbone of the bullish setup, a breach of that level would call the active trend 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: Rs 154,500
- Target: Rs 160,000
- Stop Loss: Rs 149,000
MCX Silver Price Outlook
Silver has also broken out of the descending triangle formation and resumed its bullish move, now aligning with the base trend & is implying a near-term up move. Unlike gold’s firmly positive trend, silver is expected to trade with a sideways to positive bias, though the bullish bias from current levels stays intact.The 230,000 level provides strong support and should limit any further weakness being the breakout level & the 30 weeks EMA. The short-term technical outlook stays positive as long as prices remain above this support. A firm close below it would change the bias but dips above that level should draw buyers in and keep the broader uptrend intact.Silver should target the resistance around the levels of 251,000 with an immediate resistance being at 240,000 & a move beyond would unlock further upside and keep the bullish momentum in place, technicals and momentum are both backing the move. The critical support to protect remains at 230,000, sustaining above the mentioned level should keep the bullish trend in place.
MCX Silver Trading Strategy
- CMP: Rs 237,600
- Target: Rs 251,000
- Stop Loss: Rs 230,000
(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.)
