Today’s Gold and Silver Price Forecast: Will Gold Reach Rs 1.72 Lakh per 10 Grams and Silver Surpass Rs 3 Lakh per Kg Soon?
Gold and silver prices are poised for significant movements in the coming week, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. Gold is expected to rally towards Rs 1.72 lakh, while silver prices may reach Rs 3 lakh. As market dynamics shift, analysts are closely monitoring key support levels that could influence trading strategies for both precious metals.
MCX Gold Price Outlook
The weekly chart for MCX Gold indicates a sideways-to-bullish trend, following a rebound from a recent high. The metal has resumed its upward trajectory after bouncing off a support level near a rising trend line. A decisive close below this support could lead to a deeper correction; however, the overall trend remains positive as long as prices stay above recent swing lows. In the upcoming week, the 158,000 level is anticipated to serve as a critical support zone, aligning with last week’s low and enhancing its technical significance. A pullback towards this area may attract fresh buying interest, mitigating near-term downside risks. If prices remain above this threshold, the bullish structure will likely persist, reinforcing the upward momentum.
Gold appears set to extend its rally towards the 172,000 mark in the near future. This potential movement would signify a bounce from support, likely driving continued bullish momentum. The steady price action within the weekly consolidation range supports a positive outlook, indicating that there is room for further gains. Overall, gold maintains a sideways-to-bullish bias, with technical indicators suggesting additional upside potential as long as it holds above the key 158,000 support level.
MCX Gold Trading Strategy
For traders looking to capitalize on the current gold market conditions, the recommended trading strategy includes the following parameters: Current Market Price (CMP) is set at 163,700, with a target price of 172,000. A stop-loss is advised at 158,000 to manage risk effectively. This strategy aligns with the prevailing bullish sentiment and technical indicators, providing a structured approach to trading gold in the upcoming sessions.
MCX Silver Price Outlook
The weekly chart for silver shows a bounce off support, maintaining its position above recent swing lows for the third consecutive week. Following this recovery, prices are approaching a significant resistance zone, suggesting a likely continuation of the sideways-to-bullish trend in the coming week. The broader trend remains positive, and short-term pullbacks may present buying opportunities, provided last week’s low holds. Traders are encouraged to align their positions with the prevailing trend while implementing stop-losses near recent weekly lows to manage risk effectively.
The week commenced strongly, with prices rising above last week’s high, reinforcing the ongoing bullish momentum. The positive outlook remains intact as long as prices stay above established weekly support zones. Immediate support is identified near the previous week’s low at 254,000, and a decisive close below this level could weaken the bullish bias. Until then, any pullbacks are likely to attract new buying interest, sustaining the broader upward trend.
MCX Silver Trading Strategy
For those trading silver, the recommended strategy includes a Current Market Price (CMP) of 275,300, with a target set at 300,000. A stop-loss is advised at 254,000 to effectively manage risk. This strategy is designed to take advantage of the anticipated upward movement in silver prices, supported by steady momentum and favorable technical indicators. As long as prices remain above the 254,000 support area, the broader uptrend is expected to continue, paving the way for further gains amid strengthening positive sentiment.
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