Gold and silver price prediction today: Gold and silver are exhibiting a slightly bearish bias, according to Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
MCX Gold, on the weekly timeframe, has retreated from its recent highs and remained under selling pressure over the past week. From a technical standpoint, prices have faced resistance at a significant trendline, with the daily chart now forming a sequence of lower lows, a classically bearish pattern. A sustained breakout above the trendline, however, could shift sentiment and invite fresh upside. For now, the intermediate trend remains rangebound to negative, reflecting a broader corrective structure, with a firm break below key support potentially accelerating the downside.Looking ahead to the coming week, the region around the weekly low of 140,000 is anticipated to emerge as a pivotal support zone, highlighting its importance from a technical perspective. As the ongoing correction runs its course, prices are expected to test this level making any short-term uptick a potential opportunity for fresh short positions rather than a cause for bullish conviction.Conversely, gold faces a notable resistance wall around the recent peak of 155,500 in the near term. Should prices manage a convincing breakout above this threshold, it would effectively invalidate the current bearish momentum and pave the way for a fresh upside move. A consistent hold above this level, moreover, would offer stronger confirmation that the corrective phase has run its course, and bullish sentiment has reclaimed control.To summarize, gold’s overall bias remains tilted to the downside, supported by a determined negative trend that keeps further losses on the table. The intermediate bearish framework is expected to stay intact so long as prices fail to reclaim the key resistance threshold of 155,500. With momentum indicators reinforcing the bearish case and market sentiment echoing the downside narrative, the metal looks poised to sustain its corrective momentum and press lower in the near term.
MCX Gold Trading Strategy
- CMP: 149,000
- Target: 140,000
- Stoploss: 155,500
MCX Silver Price Outlook
From a weekly standpoint, silver’s price action reflects a sideways to bearish bias, as the silver faces conflict at trendline resistance. The second straight week of negative closes reinforces the case for an intermediate bearish period taking hold. In this setting, we expect traders would be well-served to align their positions with the dominant trend while placing stop-loss levels around the prior weekly highs to effectively manage downside risk.The market opened the week on a weak footing, with prices trading below the 30-day Exponential Moving Average (EMA), a sign that the negative bias remains in force. The bearish outlook is likely to persist as long as prices stay capped under key weekly resistance levels. Immediate support and the near-term target converge around the recent swing lows at 220,000, and a decisive close below this level could further deepen bearish bias. In the interim, any short-term bounce back is expected to be treated as opportunities to sell.To the upside, silver appears poised to challenge the trendline resistance in the area of 255,000 in the coming sessions. If the prices manage a convincing and sustained close above this threshold, it will weaken the ongoing bearish trend, a view currently reinforced by momentum indicators. On balance, the bearish structure is likely to remain dominant as long as 255,000 continues to act as a ceiling, paving the way for additional downside corrections ahead.
MCX Silver Trading Strategy
- CMP: 240,500
- Target: 220,000
- Stoploss: 255,000
(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
