Gold and silver price prediction today: Gold prices are likely to continue their strong bullish momentum, and silver too will maintain its stealth trend, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group. He shares his views on gold and silver:
MCX Gold Outlook :
MCX Gold is currently exhibiting a strong and sustained uptrend, supported by clear technical evidence on the charts. The price action continues to form higher highs and higher lows, which is a classic indication of bullish momentum. This consistent pattern suggests that the uptrend is likely to persist in the near term.The key support level to watch is around 112,000, which has acted as a reliable floor for prices during recent pullbacks. This level is crucial because it provides traders with a benchmark for risk management—any decisive break below this zone could indicate a potential pause or reversal in the trend.On the upside, the next targets are in the range of 115,500 to 116,000. Given the current bullish structure, these levels are achievable, provided the momentum sustains. Volume patterns and momentum indicators further reinforce this positive bias, pointing to strong buying interest in the market.Overall, the outlook for MCX Gold remains constructive. Traders and investors should monitor support levels closely while keeping an eye on any signs of exhaustion or reversal. For now, maintaining long positions with appropriate stops around 112,000 appears to be a prudent strategy.
MCX Gold Trading Strategy
- CMP: 113800
- Target: 116000
- Stoploss: 112000
MCX Silver Outlook
MCX Silver is currently in a stealth uptrend, quietly building momentum similar to the ongoing rally in MCX Gold. Despite its relatively subdued movement compared to Gold, Silver is showing strong underlying strength, suggesting that the bullish phase is likely to continue in the near term.The price action is well-supported around the 133,000 level, which has acted as a firm base during recent consolidations. This key support zone provides a critical floor for traders to manage downside risk and confirms that buyers are stepping in consistently at this level.On the upside, Silver has the potential to soar towards the 138,000 level, marking the next significant resistance zone. The gradual but steady formation of higher lows indicates sustained buying interest, which could propel prices upward once momentum picks up further.Given the close correlation between Gold and Silver, the positive trend in Gold reinforces the bullish outlook for Silver. Technical indicators and volume patterns also suggest accumulation, pointing to a possible acceleration in the rally.In summary, MCX Silver remains well-positioned in an emerging uptrend. Traders are advised to watch for dips near 133,000 as potential entry points, aiming for a target near 138,000 while maintaining disciplined risk management.
MCX Silver Trading Strategy
- CMP: 135000
- Target: 138000
- Stoploss: 133000
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
