Gold and silver price prediction: Gold prices have been currently recovering after dipping from recent highs. Silver prices on the other hand are touching new highs. Amidst the ongoing trade and geopolitical tensions, gold and silver are being seen as safe haven investments, though in a muted way. What is the gold and silver price outlook and what should be the target levels for investors? Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group shares his views:MCX Gold Outlook:Gold is currently trading above a falling channel on the weekly chart, indicating a bullish trend characterized by higher highs and higher lows. This pattern suggests that prices are in a recovery phase, potentially setting the stage for further gains.A key support level is observed around ₹96,600. If prices break below this level, it could introduce selling pressure, potentially driving prices down to ₹95,000. Such a decline would test the strength of the support and could lead to a short-term bearish phase.Conversely, if gold maintains its position above ₹96,100, it may continue its upward trajectory. A bounce from this support could propel prices towards next significant resistance at ₹99,000. This level is crucial; a breakout above ₹99,000 could signal a continuation of the bullish trend, opening the path for higher targets.In summary, gold’s current position above the falling channel suggests a bullish outlook. Maintaining support above ₹96,600 is vital for sustaining upward momentum. Traders should monitor these levels closely, as breaks below support or above resistance will provide clearer directional cues.MCX Gold Trading Strategy:
- CMP: Rs 97,360
- Target: Rs 99,000
- Stoploss: Rs 96,600
MCX Silver Outlook:Silver has recently broken through a significant resistance level around ₹1,01,000, indicating a potential shift in market sentiment. Currently trading above ₹1,05,000, the metal is poised to test the next resistance at ₹1,10,000.A key support level is observed at ₹1,04,000. Should prices dip to this level, it would provide an opportunity for a rebound, with the potential to reach ₹1,07,000. A sustained move above ₹1,04,000 could open the path for further gains, possibly targeting ₹1,10,000.The bullish momentum is supported by several factors. China’s economic policies, including interest rate cuts to stimulate growth, have increased demand for silver, a crucial component in various industrial applications . Additionally, geopolitical tensions and expectations of a dovish stance from the U.S. Federal Reserve have driven investors towards safe-haven assets like silver .In summary, silver’s breakout above ₹1,01,000, coupled with strong support at ₹1,04,000, suggests a bullish outlook. Traders should monitor these levels closely, as a move above ₹1,07,000 could signal further upside potential.MCX Silver Trading Strategy
- CMP: Rs 1,06,500
- Target: Rs 1,10,000
- Stoploss: Rs 1,04,000
(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)
