Gold & silver price prediction today: Gold may rally to Rs 1,29,000 level – here’s the outlook

Gold and silver price prediction today: Gold prices and silver prices are showing strength again and are likely to maintain a bullish momentum, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group. He shares his views on gold and silver:

MCX Gold Outlook:

MCX Gold has decisively broken above its recent consolidation zone, signalling renewed strength in the ongoing uptrend. This breakout suggests that bullish momentum is taking hold again, increasing the probability of a continued rally toward the 1,29,000 level in the coming sessions. The price structure now indicates that buyers are firmly in control, and dips are likely to attract fresh demand.The broader bias remains strongly positive as long as MCX Gold sustains above the 1,24,000 support zone. This level has acted as a crucial floor in recent weeks, preventing deeper corrections and offering a solid base for the current upward move. Holding above this zone reinforces the trend, giving traders and investors confidence that the market is still aligned toward higher targets.If the price maintains its position above this support and continues to build on the breakout, the next leg of the rally could unfold with increased momentum. However, a decisive drop below 1,24,000 would be required to weaken the bullish structure and raise concerns of a trend reversal. For now, the technical outlook favours the upside, with 1,29,000 emerging as the next significant resistance zone to watch.

MCX Gold Trading Strategy

MCX Silver Outlook:

Just like gold, silver is also showing signs of renewed strength and appears poised for a continued upward move. The price action in recent sessions has been marked by a sustainable and steady uptrend, indicating that buyers are firmly supporting the market. This consistent momentum increases the likelihood of silver advancing toward the 1,63,000 level in the near term, provided the broader trend remains favourable.The recent breakout and follow-through buying suggest that the metal is gaining confidence among market participants. Such sustained upward movement often reflects improving sentiment and opens the door for further positive possibilities. As long as the trend structure remains intact, silver may continue attracting momentum-based buying on minor dips.On the downside, the immediate support is placed around the 1,54,500 level. This zone has played a crucial role in cushioning declines and maintaining the bullish pattern. Holding above this support will be essential for the ongoing upward trajectory to remain valid. A breach of this level could slow the momentum, but as long as the price stays comfortably above it, the broader outlook remains constructive.Overall, silver’s technical setup continues to favour the bulls, with higher targets remaining achievable if key supports hold firm.

MCX Silver Trading Strategy:

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