Gold and Silver Price Forecast: Expert Analysis Points to Continued Rally
According to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, gold prices are poised to extend their rally, potentially reaching the Rs 1,63,000 per 10 grams mark on the MCX. Simultaneously, silver has demonstrated resilience by sustaining crucial support levels, indicating a stable to positive bias in the near term. This analysis provides traders and investors with key insights into the precious metals market, backed by technical indicators and market sentiment.
MCX Gold Price Outlook: Bullish Momentum Intact
On the weekly chart, MCX gold has been consolidating after retreating from recent highs. The price action is forming a base near an upward-sloping trend line, with a decisive close below this support potentially triggering further correction. However, the broader trend remains bullish as long as prices hold above recent swing lows.
For the upcoming week, the Rs 1,47,000 level is expected to serve as a critical support zone, aligning with the rising trend line and enhancing its technical significance. Any pullback toward this area is likely to attract fresh buying interest, mitigating immediate downside risks. As long as prices remain above this threshold, the bullish structure stays intact, reinforcing upward momentum.
Gold appears set to extend its rally toward the Rs 1,63,000 mark in the coming sessions. This anticipated move is projected to represent a rebound from support, paving the way for sustained bullish momentum. The steady price action within the weekly consolidation range supports this positive outlook, suggesting a continued recovery.
In summary, gold maintains a sideways-to-positive bias, with technical indicators supporting potential gains. Provided prices hold decisively above the key Rs 1,47,000 support level, the broader bullish setup remains in place. Backed by supportive momentum indicators and positive sentiment, the precious metal is well-positioned to trade within its established range with an upward inclination.
MCX Gold Trading Strategy
- Current Market Price (CMP): Rs 1,52,800
- Target: Rs 1,63,000
- Stop Loss: Rs 1,47,000
MCX Silver Price Outlook: Support Sustained, Upside Potential
On the weekly chart, silver has sustained its support for the third consecutive week. After rebounding from recent lows, prices are hovering near a crucial support zone, indicating a possible continuation of the sideways-to-positive bias. With the broader trend still positive, short-term pullbacks may offer buying opportunities, provided the previous week’s low remains intact.
The week began on a weaker note, with prices drifting toward the weekly low support, reinforcing sideways momentum. However, a rebound from these support levels is expected to revive the broader bullish trend. The positive outlook remains valid as long as prices trade above established weekly support zones.
Immediate support is seen near the Rs 2,25,000 mark, and a decisive close below this threshold could soften the bullish bias. Until such a breakdown occurs, corrective declines are likely to attract fresh buying interest, maintaining the overall upward trajectory.
On the upside, silver appears well-positioned to test the 30-day Exponential Moving Average (EMA) near the Rs 2,60,000 resistance level in the near to medium term. A sustained move toward this barrier would reaffirm the continuation of the prevailing bullish cycle, supported by firm momentum and technical indicators. Overall, provided prices remain firmly above the Rs 2,25,000 support zone, the upward trend is expected to stay intact, paving the way for additional gains amid improving sentiment.
MCX Silver Trading Strategy
- Current Market Price (CMP): Rs 2,37,000
- Target: Rs 2,60,000
- Stop Loss: Rs 2,25,000
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 or Bharat Horizon.
