Today’s Gold and Silver Price Forecast: Will Gold Remain Under Rs 1 Lakh? Insights on Buying or Selling
Gold and silver prices are currently navigating a cautious landscape as they consolidate within defined ranges amid a volatile global economic backdrop. Experts predict that gold prices will stabilize between ₹98,000 and ₹1,00,000 in the near term, setting the stage for potential upward movement. Meanwhile, silver is exhibiting signs of weakness, with a bearish trend emerging. Analysts emphasize the importance of monitoring key support and resistance levels for both precious metals as traders strategize their next moves.
MCX Gold Price Outlook
Gold prices have recently retreated from their previous highs, and analysts expect them to consolidate within a broad range before embarking on a new upward trajectory. On the Multi Commodity Exchange (MCX), gold is anticipated to remain between ₹98,000 and ₹1,00,000 in the short term, forming a solid base for the next rally. A breakout above ₹1,01,000 could indicate strength and pave the way toward ₹1,03,000 in the near to medium term.
On the international front, COMEX gold is trading near the $3,300 mark. The current consolidation phase may persist unless there is a significant breakout above the key resistance level of $3,355. A sustained move above this threshold would signal a resumption of the broader bullish trend, supported by ongoing geopolitical uncertainties, central bank purchases, and expectations of interest rate cuts by the Federal Reserve. Traders are advised to closely observe price behavior around these critical support and resistance levels, as the consolidation zone may present short-term trading opportunities. For long-term investors, accumulating gold on dips remains a viable strategy, given its status as a hedge against inflation and currency debasement.
MCX Gold Trading Strategy
For those trading gold on the MCX, the current market price is ₹99,700. Traders should consider setting a target price of ₹98,000 while implementing a stop loss at ₹1,01,000. This strategy allows for risk management while capitalizing on potential price movements within the defined range.
MCX Silver Price Outlook
In contrast to gold, MCX silver is currently displaying signs of weakness, forming a pattern of lower highs and lower lows that indicates a bearish trend in the short term. This price structure suggests that selling pressure is gradually increasing. Unless a strong reversal occurs, silver prices may continue to drift lower. Immediate support is identified near ₹1,09,000, and breaching this level could trigger further downside momentum.
On the upside, any recovery in silver prices may encounter resistance around the ₹1,14,000 level, which has historically acted as a supply zone. This area is expected to limit any near-term rallies unless there is a significant shift in market sentiment or a strong fundamental trigger. A decisive move above this resistance could signal a trend reversal and renewed bullish momentum. Overall, the technical outlook for MCX silver remains cautious, with a prevailing negative bias as long as the lower high-lower low pattern continues. Traders should closely monitor price action and consider using rallies as selling opportunities near the ₹1,14,000 levels, with a stop loss set at ₹1,16,000.
MCX Silver Trading Strategy
For those engaged in silver trading on the MCX, the current market price is ₹1,11,500. Traders should aim for a target price of ₹1,09,000 while setting a stop loss at ₹1,16,000. This approach allows for effective risk management while navigating the current market conditions. Investors are also encouraged to keep an eye on global cues, including U.S. economic data, dollar strength, and industrial demand trends, as these factors can significantly influence silver prices.
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