Gold and silver price prediction: Gold prices are exhibiting a bullish bias, while silver prices face resistance, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
On the weekly chart, MCX Gold is maintaining a bullish tone after rebounding from its recent lows. The precious metal advanced after forming a base near a rising trend line on the weekly timeframe, and a clear close below this support could open the door to a deeper correction. However, the broader trend continues to favour the upside as long as prices remain above the latest swing lows.In the week ahead, the 157,000 mark is likely to serve as a key support area, aligning with the prior week’s high and enhancing its technical significance. Any dip toward this zone could attract renewed buying interest, limiting near-term downside pressure. As long as prices hold above this level, the broader bullish framework remains intact, supporting the ongoing upward momentum.Gold appears set to continue its advance toward the 170,000 level in the coming sessions. The expected move would mark a rebound off support, potentially fuelling sustained bullish momentum in the near term. Additionally, the stable price action within the weekly consolidation band reinforces the positive outlook and suggests scope for an extended recovery.In summary, gold continues to exhibit a sideways-to-bullish bias, with the technical framework indicating room for additional upside. Provided prices stay firmly above the crucial 157,000 support mark, the broader positive structure remains valid. Supported by constructive momentum signals and an encouraging sentiment backdrop, the metal looks poised to move within its established range while retaining an upward tilt in the sessions ahead.
MCX Gold Trading Strategy
- CMP: 161,000
- Target: 170,000
- Stop Loss: 157,000
MCX Silver Price Outlook
On the weekly chart, silver has rebounded from support after holding above its recent swing low for a third consecutive week. Following the recovery from recent lows, prices are now approaching a key resistance area, indicating a potential continuation of the sideways-to-bullish bias in the week ahead. With the broader trend still constructive, short-term dips could present buying opportunities, provided the previous week’s low remains protected. Traders are advised to align positions with the prevailing trend while keeping stop-loss levels near the recent weekly lows to manage risk effectively.The week began on a firm footing, with prices moving above the prior weekly high and reinforcing the ongoing sideways-to-bullish momentum. The constructive outlook remains intact as long as prices hold above the defined weekly support areas. Immediate support is placed near the 255,000 level, and a decisive close below this point could temper the bullish bias. Until such a move occurs, pullbacks are likely to draw renewed buying interest, keeping the broader upward trend in place.On the upside, silver looks poised to challenge the 30-day EMA around the 280,000 resistance zone over the near to medium term. A sustained advance toward this level would reinforce the ongoing bullish cycle, supported by steady momentum and favourable technical signals. Overall, as long as prices continue to hold above the 255,000 support area, the broader uptrend is likely to remain intact, setting the stage for further gains amid strengthening positive sentiment.
MCX Silver Trading Strategy
- CMP: 267,400
- Target: 280,000
- Stop Loss: 255,000
(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)
