Gold price prediction: MCX Gold prices have been trading significantly above the â¹1,00,000 mark, indicating strong bullish momentum in the domestic market. (AI image)
Gold and silver price prediction today: Gold rates have been exhibiting bullish momentum in the domestic market. What levels of gold and silver prices should investors watch out for? Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group shares his views:
MCX Gold
MCX Gold prices have been trading significantly above the â¹1,00,000 mark, indicating strong bullish momentum in the domestic market. The precious metal has shown resilience, maintaining its upward trend, and is now expected to move towards â¹1,02,000 in the near term, with the potential to test â¹1,03,000 levels during the week. The immediate support for MCX Gold lies at â¹98,500, which is a key level to watch. As long as prices hold above this support, the bullish outlook remains intact. Investor sentiment continues to be supported by global uncertainties and steady demand for safe-haven assets. On the international front, Comex Gold is currently trading around $3,370 and is undergoing a phase of consolidation after recent gains. A decisive move above the $3,390 resistance level would likely trigger further upside momentum, potentially opening the path for higher targets. The international gold market is closely monitoring economic data, interest rate expectations, and geopolitical developments, all of which could act as catalysts for the next leg of movement. Overall, both domestic and global gold prices are reflecting strong bullish undertones, and traders should keep an eye on the key resistance and support levels for confirmation of continued momentum.
MCX Gold Price Outlook:
CMP: Rs 1,00,800
Target: Rs 1,03,000
Stoploss: Rs 98,500
MCX Silver
MCX Silver has recently given a bullish breakout, signaling renewed strength in the precious metal. This breakout indicates a strong possibility of prices climbing back towards the â¹1,17,000 mark in the near term. The momentum is supported by buying interest at lower levels and overall bullish sentiment in the metals market. Technically, the price action suggests that silver is poised for a fresh upward move, provided it sustains above key support levels. The immediate support lies at â¹1,10,600, which is a critical level to watch. As long as prices remain above this support, the bullish trend is expected to continue. Any pullbacks towards this zone could attract fresh buying. A sustained move above recent highs could further strengthen the rally, bringing higher levels into focus. Globally, silver prices are also being supported by increased industrial demand and safe-haven buying amid ongoing economic and geopolitical uncertainties. The gold-silver ratio is narrowing, which also points to relatively stronger performance in silver compared to gold. Traders and investors should monitor global cues, especially from the U.S. economy, for further direction. Overall, MCX Silver appears well-positioned for further gains, and a move toward â¹1,17,000 could materialize if current momentum holds.
MCX Silver Price Outlook
CMP: Rs 1,13,300
Target: Rs 1,17,000
Stoploss: Rs 1,10,600
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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