Gold and Silver Price Forecast: Will Gold Reach Rs 1.65 Lakh per 10 Grams and Silver Climb to Rs 2.85 Lakh per Kg?
Gold and silver prices are showing a bullish trend as MCX Gold maintains a consolidation phase, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. The base trendline for both metals remains positive, indicating potential opportunities for traders as they navigate the current market conditions.
MCX Gold Price Outlook
MCX Gold is currently in a consolidation phase, with a sideways to bullish bias on the weekly chart. The price has bounced back from last week’s low, finding support at a critical breakout level. The overall trend remains upward, suggesting that any near-term dips could present accumulation opportunities. However, a firm close below key support levels may trigger a deeper correction, while maintaining recent swing lows would keep the broader uptrend intact.
The 153,000 level is crucial as it serves as both a key technical support and the recent week’s low. A pullback to this zone is likely to attract buyers, limiting potential downside. Gold is targeting 165,000 as the next significant level, with the current setup favoring upward movement in the coming sessions. The price action remains strong, indicating that further gains are probable.
MCX Gold Trading Strategy
– CMP: 158,800
– Target: 165,000
– Stop Loss: 153,000
MCX Silver Price Outlook
MCX Silver is consolidating within the range established in the previous week, trading sideways while maintaining a bullish base. Prices are building support along an upward-sloping trendline. The overall price structure remains positive, and any dip towards last week’s low could be viewed as a buying opportunity. Traders are advised to stay aligned with the trend and set stop-losses near the weekly breakout level to mitigate risks.
Silver began the week strongly but has since lost some gains. The bullish bias is intact as long as prices remain above key weekly lows, with 255,000 identified as immediate support. A close below this level could pressure bullish sentiment, but until then, short-term weaknesses are likely to attract buyers, keeping the broader uptrend on track.
Silver is targeting 278,000 as the next level, with the recent swing high at 285,000 as a more ambitious goal. A firm close above 285,000 would further solidify the bullish trend, supported by steady momentum and favorable technical indicators. The 255,000 level is critical for maintaining the broader uptrend.
MCX Silver Trading Strategy
– CMP: 264,000
– Target: 285,000
– Stop Loss: 255,000
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