On the weekly chart, the MCX Gold is trending sideways to the upside, bouncing off recent swing lows and pushing back toward recent swing highs within its broader range. (Amnesty International image)
gold and Silver price forecast today: Gold and silver prices may continue to rise, as both precious metals are showing an upward bias, says Abhilash Koykara, Head of Forex and Commodities, Nuvama Professional Clients Group.
MCX gold price forecast
On the weekly chart, the MCX Gold is trending sideways to the upside, bouncing off recent swing lows and pushing back toward recent swing highs within its broader range. Trading above trend line resistance keeps the underlying uptrend in good shape.
The median outlook remains bullish, making near-term declines a potential accumulation opportunity. However, a strong close below key support levels could invite a deeper pullback, but as long as prices remain above recent swing lows, the broader uptrend remains intact.Heading into next week, the 147,500 area aligned with the weekly low stands out as a key support level worth watching. Any pullback towards this area will likely attract new buyers, capping the downside.
The broader bullish structure holds as long as prices remain above this level, but a strong close below it would put an end to the bullish case.Next targets for gold are at 161,000 and 165,000, with the current setup favoring further upside in the coming sessions. A push towards these levels would validate the bounce from support and maintain the upward momentum. Price action remains steady, indicating more gains to come.The bullish bias for gold remains, supported by the positive fundamental trend that keeps further upside on the table.
The broader bullish structure continues as long as prices remain above the 147,500 support level. With momentum indicators pointing in the right direction and positive sentiment continuing to trend, gold appears to be in a good position to expand its upward movement in the coming sessions.
MCX Gold Trading Strategy
- COP: 152,600
- Target: 165,000
- Stop loss: 147,500
MCX silver price forecast
On the weekly chart, silver is keeping its bullish momentum alive, as it bounces from the lower end of its range and settles within the broader consolidation. A bounce off the recent lows keeps the price structure positive, and with the larger trend continuing to point higher, any pullbacks towards the previous week’s low may be worth watching as buying opportunities.
Traders should stay consistent with the trend and keep stop-loss points near the recent weekly lows to protect against any unexpected downward trend.The market opened the week sideways, but a rebound from the recent lows is keeping the bullish momentum alive. The bullish bias persists as long as prices remain above key weekly support levels. Last week’s low of 236,000 is immediate support to watch, and a strong close below this mark would put the bullish case under pressure.
Until that happens, any short-term declines will likely attract buyers, keeping the broader uptrend on track.On the upside, silver looks set to revisit the recent swing highs around 260,000, with 280,000 as the next important target in the near to medium term. A strong close above 260,000 would open the door to this higher level and keep the uptrend intact, supported by steady momentum and supportive technical readings. As long as the support level remains at 236,000, the broader uptrend remains intact, and further gains remain on the table.
MCX silver trading strategy
- COP: 253,300
- Target: 280,000
- Stop loss: 236,000
(Disclaimer: Recommendations, opinions regarding stock market, other asset classes or personal finance management tips provided by experts are their own. These opinions do not represent the views of The Times Of India.)
