Gold and Silver Price Prediction: Nuvama Expert Forecasts Bullish Momentum
Gold and silver prices are currently exhibiting a sideways-to-bullish momentum, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. This analysis provides a detailed technical outlook for both precious metals, highlighting key levels and trading strategies for investors and traders.
MCX Gold Price Outlook and Technical Analysis
On the weekly chart, MCX Gold is consolidating near its recent highs, displaying a sideways-to-bullish bias. Technical indicators reveal that prices are holding around a significant trendline resistance. A decisive breakout above this resistance level could potentially trigger a fresh upward movement in the metal.
The intermediate bullish outlook for gold suggests an ongoing accumulation phase. However, a clear and sustained close below important support levels might open the door to a deeper correction, which traders should monitor closely.
In the upcoming week, the area around the weekly low of 149,000 is expected to serve as a crucial support zone, emphasizing its technical importance. A close below this level could dampen buying interest, making it a critical point for a potential trend reversal. Therefore, as long as prices hold above this threshold, the broader bullish structure is likely to remain intact.
Gold appears poised to continue its upward trajectory toward the 163,000 level in the coming sessions. Such a move would signal a rebound from support and could strengthen near-term bullish momentum. The sustained firmness in price action underpins a constructive outlook, indicating that the recovery may have further room to extend its gains.
In summary, gold maintains a bullish bias, supported by a constructive trend that points to further upside potential. With momentum indicators in alignment and sentiment still supportive, the metal seems well-positioned to sustain its positive outlook and extend its gains in the sessions ahead, provided it stays above the key support level of 149,000.
MCX Gold Trading Strategy
- Current Market Price (CMP): 153,200
- Target: 163,000
- Stop Loss: 149,000
MCX Silver Price Outlook and Technical Analysis
From a weekly perspective, silver is continuing its bullish momentum, marking higher highs while encountering trendline resistance in the current week. The broader trend remains upward, suggesting that any short-term pullbacks may offer accumulation opportunities, provided the previous week’s low holds firm.
Traders are encouraged to stay aligned with the prevailing trend and maintain prudent stop-loss levels near the latest weekly lows to manage risk effectively. The market started the week on a strong note, testing the trendline and signaling sustained upward momentum.
The positive outlook is likely to continue as long as prices hold above key weekly support levels. Immediate support lies near the previous week’s low at 235,000, and a decisive close below this mark could weaken the prevailing bullish sentiment. Until then, short-term pullbacks are expected to draw buying interest, supporting the continuation of the broader uptrend.
On the upside, silver looks poised to retest the previous breakdown zone around the 280,000 resistance area in the near to medium term. A sustained move toward this level would reaffirm the ongoing bullish trend, backed by steady momentum and supportive technical indicators.
Overall, as long as prices remain above the 235,000 support zone, the broader uptrend is expected to stay intact, setting the stage for further gains amid improving sentiment.
MCX Silver Trading Strategy
- Current Market Price (CMP): 248,400
- Target: 280,000
- Stop Loss: 235,000
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.
