Today’s Gold and Silver Price Forecast: Will Gold Rates Reach New Heights?
Both gold and silver prices are currently on an upward trajectory, with gold approaching the ₹99,000 mark, according to Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group. The bullish sentiment surrounding these precious metals is driven by various factors, including geopolitical tensions and inflation concerns. Investors are keenly observing the market for potential trading strategies as the outlook for both metals remains positive.
MCX Gold Outlook
MCX Gold prices have demonstrated robust momentum, rallying from a support level of ₹96,000 and nearing ₹99,000. This upward trend is bolstered by favorable global cues and a growing interest in safe-haven assets. Factors such as geopolitical tensions, inflation worries, and central bank policies are pushing investors toward gold, thereby increasing demand.
Technically, gold has surpassed short-term resistance levels, forming a pattern of higher highs and higher lows on the daily chart, indicating sustained bullish momentum. While the strength of the dollar index and fluctuations in U.S. Treasury yields are significant global influences, domestic factors like tariff structures and festive demand could further enhance this upward movement. Traders are advised to adopt a buy-on-dips strategy as long as gold remains above ₹96,500 on a closing basis. Immediate resistance is identified at ₹99,000, and a breakout above this level could pave the way for prices to reach ₹1,00,500 in the near term. Overall, the outlook for gold remains positive, supported by both technical and fundamental factors.
Gold Trading Strategy
As of the latest market data, the current market price (CMP) for gold stands at ₹97,200. Traders are targeting a price of ₹99,000, with a stop-loss set at ₹96,100. This strategy aims to capitalize on the anticipated upward movement while managing risk effectively.
MCX Silver Outlook
MCX Silver is also trading in a bullish structure, consistently forming higher highs and higher lows on the daily chart, which indicates a strong upward trend. Analysts expect silver prices to move toward ₹1,10,000 in the near term, provided that the key support level at ₹1,05,500 remains intact. Any pullback toward the ₹1,06,000 to ₹1,05,500 range could present fresh buying opportunities, offering a favorable risk-reward setup.
From a fundamental standpoint, silver is gaining strength due to rising industrial demand and its appeal as a safe-haven asset. The global shift towards green energy and electric vehicles is driving demand for silver, which is essential in solar panels and battery technologies. Additionally, the dovish stance of major central banks and expectations of potential interest rate cuts in the coming quarters have weakened the dollar, further supporting precious metals. The outlook for MCX Silver remains positive, with the path of least resistance pointing upward as long as the ₹1,05,500 support level holds.
Silver Trading Strategy
Currently, the market price for silver is ₹1,07,000. Traders are targeting a price of ₹1,10,000, with a stop-loss set at ₹1,05,500. This strategy is designed to take advantage of the anticipated price increase while minimizing potential losses.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of Observervoice.)
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