Gold and Silver Price Predictions

Abhilash Koikkala, the head of foreign exchange and commodities at Nuvama Professional Client Group, has observed that gold and silver are showing renewed strength, likely continuing their bullish momentum.

MCX Gold Outlook:

MCX Gold has notably broken through its recent consolidation range, indicating a fresh strength in the uptrend. This breakout suggests that the bullish momentum is re-entering the market, heightening the potential for prices to rise towards the 129,000 level soon. Currently, the price structure indicates that buyers are firmly in control; any dips are likely to attract new demand.

The overall market sentiment remains positive as long as MCX Gold stays above the crucial support around 124,000. This level has proven itself as a stable floor recently, preventing further declines and providing a solid base for the ongoing bullish trend. If prices maintain this support, it could boost confidence among traders and investors about reaching higher targets.

Should the price stay above this support and continue to break out, another wave of upward momentum could be on the horizon. However, if it drops decisively below 124,000, that might signal a weakening of the bullish outlook, triggering concerns about a potential trend reversal. For now, the technical perspective looks encouraging, with 129,000 being a key resistance level to monitor.

MCX Gold Trading Strategy

• CMP: 125900
• Target: 129000
• Stop loss: 124000

MCX Silver Outlook:

Like gold, silver is also revealing signs of strength and seems on track for further gains. Recent price trends indicate a steady upward move, which reflects that buyers are well-supported in the market. This positive momentum could see silver rise towards the 163,000 level shortly if the broader trend remains favorable.

Recent breakouts and ongoing buy interest suggest that the metal is gaining traction among market participants. Such consistency often indicates a shift in sentiment and could open doors for additional upward possibilities. As long as the trend structure remains solid, silver is expected to attract momentum-driven buying, particularly on smaller pullbacks.

The immediate support for silver rests around 154,500, a critical zone for mitigating declines and sustaining the bullish pattern. Maintaining prices above this level is vital for keeping the upward trend valid. Although a move above this threshold could slow momentum, as long as prices stay comfortably above it, the overall outlook looks optimistic.

MCX Silver Trading Strategy:

• CMP: 158550
• Goal: 163000
• Stop loss: 154500