Gold and silver price prediction today: Gold prices are falling but buying on dips is the recommended strategy this week, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group, adding that silver prices will see support at Rs 225,000 level. Below is his outlook for gold and silver prices:
MCX Gold Price Outlook
MCX Gold has extended its decline from the previous week, continuing to trade lower through the current week & the move that supports to an intermediate bearish bias heading into the week ahead. However, with the base trend being positive, the current correction toward support should be seen as an accumulation opportunity rather than a sign of trend reversal.The breakout level of 148,000 level from the formation and current weekly moving average on the mentioned level, remains the crucial support to watch heading into the current week. A close below that level would invite further correction toward 144,000. Conversely, buying on dips remains the advisable strategy for the week. On the upside, 155,000 is where gold is likely to face resistance & a move above that level would negate the intermediate bearish bias and resume the bullish move. A sustained daily close above 155,000 would confirm that buyers have firmly resumed control and the bullish move is in place.Gold has started off the week, trading with lower lows and taking out the previous week’s low, a move that keeps the weekly trend leaning toward further correction. With momentum staying on the negative side, gold looks well-placed to extend its corrective move through the sessions ahead.
MCX Gold Trading Strategy
- CMP: Rs 150,300
- Target: Rs 144,000
- Stop Loss: Rs 155,000
MCX Silver Price Outlook
Silver is trading within a wide consolidation range, prices have given back all the gains accumulated since the start of August and closed in negative territory for two consecutive weeks. The correction from current levels looks set to extend toward the mid-August zone before finding its support on the downside. Silver’s short-term bias leans sideways to negative, which imitates gold’s ongoing corrective trend, but the broader setup continues to favour the upside, and a bounce from lower levels is anticipated as prices work through this corrective phase.Following the recent pullback from the highs, the 225,000 level stands out as a strong support for the week and should limit any further downside. The near-term technical outlook stays cautious as long as prices remain above this support. A firm close below it would shift the bias to negative, but any dips above that mark should attract buyers and keep the broader uptrend intact.Silver has 242,000 levels as the immediate resistance, with 246,000 as the next resistance beyond that. A move above 246,000 would confirm the bullish bias and keep the momentum firmly alive & technicals and momentum are both pointing to support the correction phase. However, prices are expected to target the 225,000 support level and staying above that support keeps the trend in the corrective phase.
MCX Silver Trading Strategy
- CMP: Rs 233,200
- Target: Rs 225,000
- Stoploss: Rs 240,000
(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)
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