Today’s Gold and Silver Price Forecast: Will MCX Gold Maintain a Bullish Trend? Explore the Outlook
Gold and silver prices are currently on a bullish trend, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. As gold approaches a critical support level of ₹1,09,000, it is expected to maintain its upward momentum. Meanwhile, silver has also shown resilience, with strong support near ₹1,25,000. Market participants are advised to remain cautiously optimistic, focusing on potential buying opportunities as prices fluctuate.
MCX Gold Price Outlook
The MCX Gold market continues to display a bullish trajectory, despite experiencing a slight correction ahead of the recent Federal Reserve meeting. This pullback is viewed as a phase of profit booking rather than a reversal of the overall trend. Currently, gold prices are hovering around a significant support zone at ₹1,09,000, which is anticipated to act as a strong floor for the metal. As long as prices remain above this level, the outlook remains positive, suggesting that buyers are still in control.
The resilience of gold at this support level indicates that market participants are positioning themselves for potential gains. Key factors driving this sentiment include global uncertainty, a heightened demand for safe-haven assets, and expectations surrounding interest rate policies. If gold can sustain its position above ₹1,09,000, it may pave the way for a move towards ₹1,11,000 in the near term. However, a decisive breakout above this level could further extend the bullish momentum. Conversely, if prices fall below ₹1,09,000, it may trigger fresh selling pressure, but until that occurs, the outlook remains constructive. Traders are encouraged to adopt a cautiously optimistic approach, focusing on buying opportunities near the support zone.
MCX Silver Price Outlook
The MCX Silver market has recently experienced a healthy correction, with prices declining from ₹1,30,000 to ₹1,26,000 ahead of the Federal Reserve meeting. This decline appears to be a short-term retracement rather than a trend reversal. The overall structure for silver remains positive, bolstered by strong industrial demand, safe-haven buying, and favorable global cues for precious metals in the medium term.
Currently, silver is finding robust support near ₹1,25,000, which is expected to cushion against further declines. As long as prices stay above this level, the bias remains upward. On the upside, silver has the potential to rebound towards ₹1,29,000, which may serve as immediate resistance. A sustained move above this level could lead to a retest of the ₹1,30,000 mark. From a technical standpoint, dips towards the support level are being viewed as fresh buying opportunities by traders, reflecting continued bullish sentiment. However, a break below ₹1,25,000 could invite additional weakness. Until that happens, the outlook remains constructive, and investors may consider a buy-on-dips strategy.
Trading Strategies for Gold and Silver
For those trading in MCX Gold, the current market price is around ₹1,09,800, with a target set at ₹1,11,000 and a stop-loss at ₹1,09,000. This strategy aims to capitalize on the bullish sentiment while managing risk effectively.
In the MCX Silver market, the current price is approximately ₹1,26,840, with a target of ₹1,29,000 and a stop-loss at ₹1,25,000. This approach allows traders to take advantage of potential upward movements while safeguarding against significant losses. As the markets evolve, traders and investors are encouraged to stay informed and adjust their strategies accordingly.
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
