On the weekly chart, the MCX Gold indicator is showing a sideways trend to the upside after pulling back from its recent high. (Amnesty International image)
gold and Silver price forecast: Gold prices are witnessing a sideways to bullish bias and may rise to Rs 1.7 lakh, while silver is likely to head towards Rs 3 lakh, says Abhilash Koykara, Head of Forex and Commodities at Novama Professional Client Group.
MCX gold price forecast
On the weekly chart, MCX Gold is showing a sideways-to-bullish bias after pulling back from its recent high and returning to its stable range for the third week in a row. The metal has built a solid base near the breakout zone on the weekly time frame, also supported by a strong upward trend line. A decisive close below this support may lead to a deeper correction. However, the broader trend continues to favor the upside as long as prices remain above recent swing lows.
Next week, the 158,000 level is likely to act as a major support area, aligning with the previous week’s low and reinforcing its technical importance. Any pullback towards this area could attract renewed buying interest, thus limiting downside risks in the near term. As long as prices hold above this level, the broader bullish structure is expected to remain in place, supporting continued upward momentum.It seems that gold is ready to extend its rise towards the 170,000 point level in the coming sessions.
Such a move would reflect a bounce from support and could help maintain bullish momentum in the near term. Moreover, stable price action within the weekly consolidation range supports positive expectations and indicates the possibility of continued recovery.In short, gold continues to show a sideways-to-bullish bias, with technical indicators pointing to the potential for further upside. As long as prices remain above the key support level of 158,000, the broader bullish structure is likely to remain intact.
Supported by positive momentum signals and positive sentiment backdrop, the metal appears poised to move within its current range while maintaining an upward bias in the coming sessions.
MCX Gold Trading Strategy
- COP: 162,300
- Target: 170,000
- Stop loss: 158,000
MCX silver price forecast
On the weekly chart, silver rebounded from the support level and remained above its recent lows for the third week in a row. Following this rebound, prices are now approaching the resistance area, indicating a possible continuation of the sideways-to-bullish bias into next week.
With the broader trend remaining positive, short-term pullbacks may provide buying opportunities, provided last week’s low remains intact.
Traders are advised to align their positions with the prevailing trend while keeping stop loss levels near the recent weekly lows to manage risk effectively.The week started on a strong footing, with prices moving above last week’s high and consolidating the prevailing sideways to bullish momentum.
Constructive expectations are likely to continue as long as prices remain above the identified weekly support areas. Immediate support is near the previous week’s low at 254,000, and a decisive close below this level could weaken the bullish bias. Until such a breakout occurs, any pullbacks may attract renewed buying interest, helping to sustain the broader uptrend.On the upside, silver looks set to retest recent swing highs near the 300,000 resistance area in the near to medium term. A continued move towards this level would further confirm the prevailing uptrend, supported by steady momentum and supportive technical indicators. Overall, as long as prices remain above the 254,000 support zone, the broader uptrend is expected to remain intact, which could open the door for additional gains amid strengthening positive sentiment.
MCX silver trading strategy
- COP: 270,900
- Target: 300,000
- Stop loss: 254,000
(Disclaimer: Recommendations, opinions regarding 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)