Gold and silver price prediction today: While MCX Silver is consolidating on the weekly chart, gold is eyeing its next meaningful target of Rs 1.7 lakh, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
MCX Gold is maintaining its sideways to bullish tone on the weekly chart, having broken out of its consolidation phase. The base trend continues to point higher, with the import duty hike lending additional support to the bullish move making any near-term dips worth watching as accumulation opportunities. A firm close below key support levels could invite a deeper pullback, but as long as the recent swing lows hold, the broader uptrend stays very much intact.The 154,500 level which also marks the weekly breakout point is the key support to watch heading into the week. Any pullback toward this zone is likely to attract fresh buyers and limit the downside. The bullish structure holds as long as prices stay above this level, but a firm close below would be enough to negate the bullish move on an intermediate basis.Gold is eyeing 170,000 as the next meaningful target, with the current setup continuing to favour the upside in the sessions ahead. A push toward that level would confirm the bounce from support and keep buyers firmly in control. Price action stays firm, and the path of least resistance points higher from here.Gold enters the sessions ahead with its bullish bias firmly intact, backed by a positive underlying trend that keeps further upside on the table. The 154,500 support level is the floor holding the broader bullish structure together, lose that and the picture changes quickly. Momentum indicators are on side, sentiment stays positive, and gold looks well-placed to push higher from here.
MCX Gold Trading Strategy
- CMP: 158,800
- Target: 170,000
- Stop Loss: 154,500
MCX Silver Price Outlook
MCX Silver is consolidating on the weekly chart, testing the previous week’s high as the first resistance to clear. The base trend stays bullish, and the recent import duty hike has added fresh momentum to the uptrend heading into the week. The price structure remains positive, and with the broader trend still pointing up, any dip toward the previous week’s low is worth watching as a buying opportunity. Stay aligned with the trend and keep stop-losses near the weekly breakout level to guard against any sudden downside.Silver has started the week on a strong note, keeping its upward momentum alive. The bullish bias holds as long as prices stay above key weekly lows, with the current week’s low at 261,000 as the immediate support to watch. A firm close below that mark would put bulls on the back foot but until that happens, any short-term weakness is likely to attract buyers and keep the broader uptrend on track.Silver is targeting 285,000 as the next stop, with the recent swing high at 300,000 as the bigger prize beyond that. A firm close above 300,000 would unlock the move to that higher level and keep the bullish trend firmly in play, backed by steady momentum and supportive technical readings. Below, 261,000 is the floor that holds the broader uptrend together as long as that level stays intact, further gains remain very much on the table.
MCX Silver Trading Strategy
- CMP: 272,800
- Target: 300,000
- Stop Loss: 261,000
(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.)
