Gold and Silver Prices Set to Continue Record-Breaking Rally
Gold and silver prices are expected to keep climbing to new highs, according to Abhilash Koikkara, Head of Forex and Commodities at Nuvama Professional Clients Group. He provides a detailed outlook for both precious metals, highlighting strong bullish momentum and key price levels.
MCX Gold Price Outlook: Bullish Momentum Intact
MCX gold has regained its upward momentum after a brief consolidation period. It currently trades near its all-time high of 143,500. The rally shows no signs of reversing and is likely to extend further.
The recent breakout confirms the strength of this move. The overall outlook remains positive as long as prices stay above the breakout zone. From a weekly perspective, the 139,000 level serves as a crucial support area. This marks the lower boundary of the consolidation range.
Any dip toward this zone should attract fresh buying interest. This buying will cushion the downside in the near term. Holding above this support strengthens the bullish structure and maintains positive momentum.
Gold appears well positioned to advance toward the 151,000 level in upcoming sessions. This prospective rise aligns with the broader bullish trend. It underscores the strength of prevailing market momentum.
A decisive breakout above the consolidation range resistance has attracted fresh buying interest. This reinforces positive sentiment and sets the stage for continued upward movement. Overall, gold remains well placed to maintain its positive bias.
The broader technical structure clearly favors trend continuation. As long as prices stay above the crucial 139,000 support, the bullish setup remains valid. Momentum indicators and overall market sentiment continue to be supportive. The precious metal looks ready for further upside in the sessions ahead.
MCX Gold Trading Strategy
- Current Market Price (CMP): 143,300
- Target: 151,000
- Stop Loss: 139,000
MCX Silver Price Outlook: New All-Time High Achieved
MCX silver has recorded a new all-time high this week. It continues its pattern of higher highs seen over the past several months. There is little indication of a slowdown. The overall bias stays positive.
Any pullbacks are likely to attract buying interest. We advise trading in line with the prevailing trend, which remains strongly bullish. Silver's early-week rally has underscored renewed strength in the trend. This increases the probability of further upside.
As long as prices hold above the weekly support levels, the bullish bias should remain intact. The immediate key support lies around the 266,000 mark. This may offer a favorable buying opportunity.
Any dip toward this zone is expected to draw fresh buying interest. This will aid price stability and preserve upward momentum. On the upside, silver appears well placed to test the 320,000 resistance in the near to medium term.
This projected advance represents a continuation of the existing bullish phase. It is strongly backed by healthy market momentum and supportive technical indicators. Overall, as long as prices remain securely above the 266,000 support, silver is likely to maintain its positive trajectory.
There is significant room for further gains as bullish sentiment continues to strengthen.
MCX Silver Trading Strategy
- Current Market Price (CMP): 285,300
- Target: 320,000
- Stop Loss: 266,000
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.
