Gold and silver prices are showing strong upward momentum, and experts believe the bullish trend may continue in the near future. Abhilash Koikkara, Head of Forex & Commodities at Nuvama Professional Clients Group, has shared his outlook on both metals.
Gold Price Outlook (MCX)
Gold prices have been steadily moving higher and may soon test the ₹1,02,450 level. The key support level is at ₹99,900. As long as gold stays above this support, the chances of further gains remain strong.
- Buying zone: Any dip near ₹1,00,000–₹1,00,200 could attract fresh buying.
- Upside potential: A breakout above ₹1,02,450 may push prices even higher.
- Key factors driving gold: Global uncertainties, fluctuations in the U.S. dollar, central bank policies, and strong demand for gold as a safe-haven asset.
Gold Trading Strategy (MCX):
- Current Price: ₹1,01,200
- Target: ₹1,02,450
- Stop-loss: ₹99,900
Silver Price Outlook (MCX)
Silver is trading near ₹1,15,500 and continues to look strong. It has the potential to rise towards ₹1,17,500–₹1,18,000 in the near term if momentum continues. The important support level is at ₹1,13,000.
- Buying zone: Any dip towards ₹1,13,500–₹1,14,000 could attract buyers.
- Upside potential: Sustaining above ₹1,16,200 may open the way for ₹1,17,500–₹1,18,000.
- Key factors driving silver: Rising investment demand, industrial use in renewable energy and electronics, global economic cues, and movement in the U.S. dollar.
Silver Trading Strategy (MCX):
- Current Price: ₹1,15,500
- Target: ₹1,18,000
- Stop-loss: ₹1,13,000
Conclusion: Both gold and silver are showing bullish trends. As long as they hold above their respective support levels, prices are likely to move higher. Dips can be good opportunities for buyers, but traders should also keep an eye on global cues and the U.S. dollar movement.
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