Gold and silver prices in India are poised to extend their gains, with a strong technical setup indicating further upside potential, according to a leading market expert. Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, asserts that both precious metals are likely to maintain their upward trajectory.
MCX Gold Outlook: Bullish Momentum Firmly in Place
Abhilash Koikkara states that MCX Gold remains in a strong uptrend, consistently charting higher highs and higher lows. This pattern underscores sustained bullish momentum and persistent buying interest during price dips, confirming the broader upward trend.
From a technical perspective, the immediate and crucial support for MCX Gold is identified near the ₹134,500 per 10 grams level. This zone has repeatedly acted as a solid foundation, attracting buyers on minor corrections. Any retreat towards this support is expected to invite fresh buying, thereby limiting near-term downside risks.
On the higher side, Koikkara highlights that MCX Gold has the potential to advance towards the ₹145,000 level in the coming sessions. This target aligns with the prevailing trend strength. A sustained move past intermediate resistance levels could accelerate the upward journey. The overall outlook remains positive unless there is a decisive break below the ₹134,500 support.
MCX Gold Trading Strategy
Current Market Price (CMP): ₹1,38,200
Target: ₹1,45,000
Stop Loss: ₹1,34,500
MCX Silver Outlook: Breakout Signals Further Gains
Similarly, MCX Silver has exhibited a decisive breakout from a recent consolidation phase, which is viewed as a strong positive technical signal. Such breakouts often lead to accelerated price movements as momentum gathers pace, indicating that buyers have regained control.
The key immediate support for silver is now placed at the ₹215,000 per kg mark, which should serve as a new base. Dips towards this level are likely to be seen as buying opportunities. As long as prices hold above this support, the bullish bias is expected to remain intact.
On the upside, the breakout pattern suggests MCX Silver could aim for the ₹240,000 level in the near to medium term. This objective is derived from the measurement of the prior consolidation range and is supported by the current bullish sentiment.
MCX Silver Trading Strategy
Current Market Price (CMP): ₹2,23,301
Target: ₹2,40,000
Stop Loss: ₹2,15,000
Expert Verdict and Market Sentiment
The analysis from Nuvama's expert presents a cohesive bullish narrative for both precious metals. The technical structures for MCX Gold and MCX Silver favor a continuation of the uptrend, driven by clear chart patterns and supportive momentum. Traders and investors are advised to watch the mentioned support levels closely, as they are pivotal for the sustainability of the current positive bias. The broader market sentiment continues to lend strength to commodities, keeping the outlook favorable for further appreciation.
(Disclaimer: The recommendations and views expressed are the expert's own and do not represent the views of The Times of India. Investors are advised to consult certified experts before making any investment decisions.)
