Gold & silver price prediction today: Will gold & silver rates start rallying again? Here’s what investors should know

Gold and silver price prediction today: Gold and silver prices may start exhibiting some strength in the coming days, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group. He shares his views on gold and silver:

MCX Gold Outlook:

MCX Gold has started gaining upward momentum after forming a doji candlestick pattern near the crucial support zone around ₹1,17,500 levels, signaling a potential reversal from the recent corrective phase. The doji formation at the bottom indicates indecision among traders, often preceding a change in market direction. Following this pattern, prices have shown renewed strength, suggesting that bullish sentiment is gradually returning to the market.In the coming week, gold prices are expected to move higher towards the ₹1,25,000 mark, supported by improved buying interest and a positive technical setup. On the downside, immediate support is seen around ₹1,19,000, which is likely to act as a strong base for the ongoing recovery. As long as prices hold above this level, the bias is expected to remain positive.A sustained move above ₹1,22,500 could further accelerate the upside momentum, opening the door for higher targets in the short term. Broader factors such as global economic uncertainty, fluctuations in the U.S. dollar, and central bank gold purchases are also expected to support the bullish trend. Overall, the outlook for MCX Gold remains optimistic, with traders advised to maintain a buy-on-dips approach while keeping an eye on key support levels.

MCX Gold Trading Strategy

MCX Silver Outlook

MCX Silver has started to gain strong upward momentum after consolidating in a narrow range over the past few sessions. Prices have now climbed to around ₹1,48,000 levels, reflecting renewed buying interest and improving market sentiment. The recent breakout above the consolidation zone suggests that bulls are gradually regaining control, supported by firm global cues and increasing investor appetite for precious metals.From a technical perspective, the overall bias remains positive as long as prices sustain above the key support level of ₹1,45,000. This zone is expected to act as a solid base for further upside movement. On the higher side, silver prices are likely to face minor resistance near ₹1,50,500, but once this level is decisively breached, the rally could extend towards ₹1,55,000 in the near term.The strengthening of gold prices and expectations of slower rate hikes globally are also lending support to silver. Additionally, industrial demand recovery and a weaker U.S. dollar index could further fuel bullish momentum. Traders are advised to maintain a buy-on-dips approach while keeping stop-losses below ₹1,45,000. Overall, the short-term outlook for MCX Silver remains optimistic, with the potential for prices to test higher resistance levels in the coming sessions.

MCX Silver Trading Strategy

(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)