Will gold head to Rs 1.5 lakh/10 gm & silver to Rs 2.54 lakh per kg? Check outlook
Gold price outlook: The 140,000 level is the key support to watch heading into the week, aligning with the recent swing low. (AI image) Gold
Gold price outlook: The 140,000 level is the key support to watch heading into the week, aligning with the recent swing low. (AI image) Gold and silver price prediction today Both gold and silver are consolidating within a range, says Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group. MCX Gold Price Outlook MCX Gold Trading Strategy CMP: 143,040 Target: 150,000 Stop Loss: 140,000 MCX Silver Price Outlook MCX Silver Trading Strategy CMP: 224,400 Target: 254,000 Stop Loss: 210,000 (Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.) MCX Gold continues to trade within the consolidation, which has been sustained for the last 2 weeks, thus keeping the sideways tone in place for the coming week as well.
The bigger picture remains firmly bullish, however a move below the support of the recent lows should negatively impact the trend. While any near-term dip can be seen as an accumulation opportunity rather than a warning sign.The 140,000 level is the key support to watch heading into the week, aligning with the recent swing low and standing as the most critical support zone on the chart. Any dip toward this zone is likely to attract fresh buyers and limit the downside. Again, the bullish structure holds as long as prices stay above this level, but a firm close below would be enough to call the intermediate bullish move off and shift the outlook quickly.Gold is eyeing 150,000 as an immediate resistance, with the current setup continuing to favour the sideways bias in the sessions ahead. A push toward that level would confirm that the bounce from support had real conviction and that buyers have firmly reclaimed control.A negative start to the week for Gold, with prices set to challenge the consolidation support in the sessions ahead, the weekly trend leaves room for more upside.
The 140,000 level is the foundation of the current bullish setup, breach in those level on a closing basis and the trend should reverse. Momentum sits in neutral, overall trend stays positive, and gold looks well-placed to push higher from current levels.Silver is mirroring gold's trend, trading within a consolidation and heading into the sessions ahead with a sideways bias. The long-term trend stays positive, with prices approaching support near the previous swing low, presenting an opportunity to accumulate silver at discounted levels. Stay with the prevailing trend and keep stop-losses near the weekly lows to stay protected.Silver has seen prices drift below the 200 SMA on the daily chart after a bearish star to the week. The key level as a support is 210,000, that's the weekly support holding the bullish case together. A breach in the mentioned level on a closing basis and the tone shifts, but dips above that level are likely to be bought, keeping the broader uptrend alive.Silver has 240,000 in its sights as the next meaningful resistance level in the ongoing up move, with the swing high at 254,000 as the immediate target for the week.
The BriefWire