Gold and Silver Price Prediction: Bullish Gold, Resistance for Silver
Gold prices are currently exhibiting a strong bullish bias, while silver prices are encountering significant resistance, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. This analysis provides a detailed outlook for both precious metals, highlighting key technical levels and trading strategies.
MCX Gold Price Outlook: Bullish Momentum Intact
On the weekly chart, MCX Gold is maintaining a decidedly bullish tone after rebounding from its recent lows. The precious metal advanced following the formation of a solid base near a rising trend line on the weekly timeframe. A clear and decisive close below this critical support level could potentially open the door to a deeper correction. However, the broader trend continues to favor the upside as long as prices remain firmly above the latest swing lows.
In the week ahead, the 157,000 mark is expected to serve as a crucial support area. This level aligns with the prior week's high, thereby enhancing its technical significance. Any dip toward this zone is likely to attract renewed buying interest, effectively limiting near-term downside pressure. Provided prices hold above this level, the broader bullish framework remains fully intact, supporting the ongoing upward momentum.
Gold appears well-positioned to continue its advance toward the 170,000 level in the coming trading sessions. This expected move would mark a robust rebound off support, potentially fueling sustained bullish momentum in the near term. Furthermore, the stable price action within the weekly consolidation band reinforces the positive outlook and suggests considerable scope for an extended recovery phase.
In summary, gold continues to exhibit a sideways-to-bullish bias, with the technical framework clearly indicating room for additional upside. As long as 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 a distinct upward tilt in the sessions ahead.
MCX Gold Trading Strategy
Current Market Price (CMP): 161,000
Target: 170,000
Stop Loss: 157,000
MCX Silver Price Outlook: Resistance at Key Levels
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 attractive buying opportunities, provided the previous week's low remains protected.
Traders are advised to align their 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 for silver is placed near the 255,000 level. A decisive close below this critical point could temper the bullish bias. Until such a move occurs, pullbacks are likely to draw renewed buying interest, keeping the broader upward trend firmly in place.
On the upside, silver looks poised to challenge the 30-day Exponential Moving Average (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
Current Market Price (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.
