Gold and silver price prediction: Gold and silver prices are touching new record highs and this is a phase of consolidation, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group. He shares his views on gold and silver:
MCX Gold Price Outlook
MCX Gold is currently consolidating near its all-time high of 140,465. With prices rebounding from the lower end of the range, the current level within the consolidation is seen as a buying opportunity. A breakout above the recent highs is likely to reignite the bullish momentum. As long as prices stay above the breakout zone, the overall outlook for Gold continues to be bullish.From a technical stance, the 134,000 zone stands out as a strong support, representing the breakout above the prior swing high. Any pullback toward this level is likely to encourage fresh buying interest, helping to limit near-term downside. Sustaining above this support reinforces the bullish structure and keeps the positive momentum firmly in place.Gold is well positioned to move toward the 144,000 level in the coming sessions. This potential advance aligns with the broader bullish trend and highlights the strength of the prevailing market momentum. Moreover, a clear and sustained breakout above the intermediate resistance of the consolidation range could draw in additional buying interest, further strengthening positive sentiment and paving the way for an extended upward move.Overall, Gold is firmly positioned to sustain its positive bias, with the broader technical structure strongly supporting trend continuation. As long as prices hold above the critical 134,000 support, the bullish setup remains intact. With momentum indicators and overall market sentiment continuing to stay supportive, the precious metal appears well poised for further upside in the coming sessions.
MCX Gold Trading Strategy
- CMP: 138,300
- Target: 144,000
- Stop Loss: 134,000
MCX Silver Price Outlook
MCX Silver has marked a fresh all-time high this week, with prices consistently forming higher highs over the past several months. Despite the recent pullback, the overall bias remains positive, and any declines toward the lower end of the weekly range are likely to present buying opportunities. We recommend trading in line with the existing trend, which remains firmly bullish.Silver’s rebound from the support level highlights renewed strength in the trend and increases the likelihood of further upside. As long as prices remain above the weekly support levels, the bullish bias is expected to stay intact. The immediate key support is placed near the 231,000 level, which now serves as a strong base. Any pullback toward this area is likely to attract fresh buying interest, helping to stabilize prices and sustain the upward momentum.On the upside, Silver is strongly positioned to challenge the 275,000 resistance over the near to medium term. This anticipated move marks a continuation of the prior bullish phase and is firmly supported by robust market momentum and favourable technical indicators. Overall, as long as prices remain comfortably above the 231,000 support, Silver is expected to sustain its positive trajectory, with ample scope for further upside as bullish sentiment continues to build.
MCX Silver Trading Strategy
- CMP: 254,500
- Target: 275,000
- Stop Loss: 231,000
(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)
