Gold, silver price prediction: Will gold hit Rs 1.65 lakh/10 grams & silver rise to Rs 2.85 lakh per kg? Check outlook

Gold and silver price prediction today: The base trendline for MCX Gold, and MCX Silver remains bullish according to Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.

MCX Gold Price Outlook

MCX Gold is holding within a consolidation phase, maintaining its sideways to bullish bias on the weekly chart, bouncing from the previous week’s low and finding support at the breakout level. The base trend is firmly up, which makes the current dip and any further near-term weakness worth watching as accumulation opportunities. A firm close below key support levels could invite a deeper correction, but as long as the recent swing lows hold, the broader uptrend stays intact.153,000 is the level that deserves the most attention heading into the week it doubles up as a key technical support and the recent week’s low, giving it added significance on the chart. A pullback to this zone should attract buyers and limit the downside. The bullish structure holds as long as prices stay above this level, but a firm close below would be enough to negate the intermediate bullish move and shift the tone considerably.Gold is eyeing 165,000 as the next target, with the current setup continuing to favour the upside in the sessions ahead. Getting there would validate the support bounce and confirm that buyers are back in control. Price action is holding up well with no signs of weakness, more gains look likely from here.Gold has begun the week on a positive note, and the sessions ahead should see prices test the consolidation’s high, with the broader weekly trend continuing to keep further upside on the table. The 153,000 level is the intermediate floor holding the bullish structure together, lose that and the picture changes quickly. Momentum indicators are in a sideways mode, sentiment leans sideways to bullish, and gold looks well-placed to push higher from here.

MCX Gold Trading Strategy

MCX Silver Price Outlook

MCX Silver is consolidating within the range of the previous week’s move, trading sideways for now. The base trend stays bullish, with prices building a base near the breakout level and finding support along an upward sloping trendline. The price structure remains positive, and with the broader trend still pointing up, any dip toward the previous week’s low is worth watching as a buying opportunity. Stay with the trend and keep stop-losses near the weekly breakout level to guard against any sudden downside.Silver started the week on a strong note but has given up gains through recent sessions. The bullish bias holds as long as prices stay above key weekly lows, with 255,000 as the immediate support to watch. A firm close below that mark would put bulls under pressure, but until that happens, any short-term weakness is likely to attract buyers and keep the broader uptrend on track.Silver is targeting 278,000 as the next stop, with the recent swing high at 285,000 as the bigger prize beyond that. A firm close above 285,000 would open the door to further upside and keep the bullish trend firmly in play, backed by steady momentum and supportive technical readings. Below, 255,000 is the floor holding the broader uptrend together as long as that level stays intact, further gains remain very much on the table.

MCX Silver Trading Strategy

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