Gold price prediction: From a weekly perspective, the 139,000 level remains a key support area, marking the lower boundary of the consolidation range. (AI image)
Gold and silver price prediction: Gold and silver prices are expected to continue hitting new highs, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group. He shares his views on gold and silver:
MCX Gold Price Outlook
MCX Gold has regained its bullish momentum after a short consolidation phase and is now trading around the all-time high of 143,500. With upward strength reasserting itself and minimal signs of a reversal, the rally is likely to extend to higher levels. The recent breakout reinforces the strength of the move, and the overall outlook remains positive as long as prices stay above the breakout zone.From a weekly perspective, the 139,000 level remains a key support area, marking the lower boundary of the consolidation range. Any dip toward this zone is expected to attract fresh buying interest, thereby cushioning the downside in the near term. Holding above this support strengthens the bullish structure and maintains positive momentum.Gold appears well placed to advance toward the 151,000 level in the upcoming sessions. This prospective rise is in line with the broader bullish trend and underscores the strength of prevailing market momentum. Additionally, a decisive and sustained breakout above the consolidation range resistance has attracted fresh buying interest, reinforcing positive sentiment and setting the stage for a continued upward move.Overall, Gold remains well positioned to maintain its positive bias, with the broader technical structure clearly favouring trend continuation. As long as prices stay above the crucial 139,000 support, the bullish setup remains valid. With momentum indicators and overall market sentiment continuing to be supportive, the precious metal looks well placed for further upside in the sessions ahead.
MCX Gold Trading Strategy
- CMP: 143,300
- Target: 151,000
- Stop Loss: 139,000
MCX Silver Price Outlook
MCX Silver has recorded a new all-time high this week, continuing its pattern of higher highs seen over the past several months. With little indication of a slowdown, the overall bias stays positive, and 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 a renewed strength in the trend, increasing 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, which may offer a favourable buying opportunity. Any dip toward this zone is expected to draw fresh buying interest, aiding price stability and preserving 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 and 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, with significant room for further gains as bullish sentiment continues to strengthen.
MCX Silver Trading Strategy
- 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)
