Gold and silver prices in India are scaling unprecedented peaks, entering a phase of consolidation after their stellar rally. According to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, this consolidation presents strategic opportunities for traders and investors.
MCX Gold Price Outlook and Trading Strategy
MCX Gold is currently trading near its historic high of ₹140,465. Koikkara notes that the current price action represents a consolidation phase. With prices rebounding from the lower end of this range, he views the present levels as a potential buying zone. A decisive breakout above the recent highs is expected to fuel the next leg of the bullish rally.
The expert identifies a crucial support zone around ₹134,000. This level marks the prior breakout point and is now seen as a strong foundation. Any price dip towards this support is likely to attract fresh buying interest, limiting significant downside. As long as prices hold above ₹134,000, the overall structure for gold remains firmly positive.
From a technical perspective, Koikkara forecasts that gold is well-positioned to aim for the ₹144,000 mark in the coming sessions. A sustained move above the immediate resistance of the consolidation range could accelerate buying momentum, paving the way for further gains.
Trading Strategy for MCX Gold:
- Current Market Price (CMP): ₹138,300
- Target: ₹144,000
- Stop Loss: ₹134,000
MCX Silver Price Outlook and Trading Strategy
Silver has also mirrored the bullish trend, notching a fresh all-time high this week. The commodity has been consistently forming higher highs over several months. Despite a recent pullback, the underlying bias is strongly bullish. Koikkara suggests that any decline towards the weekly range's lower end should be considered a buying opportunity, advocating for trades that align with the prevailing uptrend.
The rebound from key support levels underscores the inherent strength in silver's price trend. The immediate and vital support is now placed near ₹231,000, which acts as a robust base. A pullback towards this area is expected to draw in buyers, supporting prices and maintaining upward momentum.
On the higher side, silver exhibits strong potential to challenge the ₹275,000 resistance level in the near to medium term. This anticipated upward move is a continuation of the established bullish phase, backed by positive market sentiment and supportive technical indicators.
Trading Strategy for MCX Silver:
- Current Market Price (CMP): ₹254,500
- Target: ₹275,000
- Stop Loss: ₹231,000
Expert Verdict and Market Sentiment
Abhilash Koikkara's analysis presents a uniformly optimistic picture for both precious metals. The broader technical structure and momentum indicators continue to support a positive bias. For gold, the bullish setup is contingent on prices staying above the ₹134,000 support. Similarly, for silver, maintaining levels above ₹231,000 is critical for the uptrend to remain intact.
This phase of consolidation at record highs is interpreted not as a sign of weakness but as a period of gathering strength for the next potential upmove. Investors are advised to watch the mentioned support and resistance levels closely while considering the outlined trading strategies.
Disclaimer: The recommendations and views expressed are the expert's own and do not represent the views of The Times of India. Investors should consult certified experts before making any investment decisions.
