Gold & silver price prediction today: Will gold rate stay above Rs 1 lakh mark - what's the outlook and should you buy or sell?
Gold and silver price prediction today: Gold prices may test the Rs 101,700 levels in the near future on the back of overall bullish sentiments, say analysts. Silver prices too suggest that the upward trend will likely continue.
What gold and silver rate levels should investors watch out for? What should the MCX Gold and MCX Silver target prices be in the near term? Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group shares his views:
MCX Gold Outlook:
Gold prices on the Multi Commodity Exchange (MCX) have surged past the ₹100,000 mark, signaling strong bullish momentum. This rally is being supported by global cues, particularly the breakout in COMEX Gold, which has breached the crucial resistance level of $3430 per ounce.
This breakout indicates further upside potential in both international and domestic markets.
The bullish sentiment is expected to push MCX Gold prices towards ₹101,500 in the short term, with the possibility of testing ₹101,700 levels in the coming week. Strong buying interest, supported by global economic uncertainty, central bank purchases, and inflationary concerns, continues to provide a firm base for gold prices.
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by Taboola
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Traders and investors should remain cautious of short-term corrections but can maintain a bullish bias as long as prices hold above the support level of ₹99,400. A stop-loss near this level is advised to manage risk effectively. Overall, the trend remains upward, and any dip towards ₹100,000 could be seen as a buying opportunity.
With positive momentum building, and strong global cues, MCX Gold may continue its northward journey in the near term, attracting more buyers and potentially setting new record highs in the process.
MCX Gold Trading Strategy
CMP: Rs 1,00,300
Target 1 : Rs 1,01,500
Target 2: Rs 1,01,700
Stoploss: Rs 99,400
MCX Silver Outlook
MCX Silver prices have climbed to the ₹116,000 mark, indicating strong bullish momentum in the precious metals space. The rally is supported by both domestic demand and positive cues from international markets, where silver continues to gain strength amid rising industrial demand and ongoing macroeconomic uncertainties.
The current price action suggests that the upward trend is still intact, and there appears to be more room for the rally to extend further.
Technically, silver has maintained higher highs and higher lows, which is a classic sign of a bullish continuation pattern. If the momentum sustains, MCX Silver is likely to test ₹118,000 levels in the near term, with a potential to stretch further towards ₹120,000.
On the downside, immediate support is seen near ₹114,000, which is expected to act as a cushion against any short-term corrections. As long as prices stay above this level, the bullish trend is likely to continue.
Traders can look for buying opportunities on minor dips, keeping a stop-loss below ₹114,000 to manage risks effectively.
With strong fundamentals and favorable technical structure, silver remains poised for further gains. Market participants should stay alert to key price levels and global developments that may influence the precious metals space.
MCX Silver Trading Strategy
CMP: Rs 1,16,000
Target 1: Rs 1,18,000
Target 2: Rs 1,20,000
Stoploss: Rs 1,14,000
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