Bullish trend for both metals; traders advised to monitor key support and resistance levels closely
Gold and silver prices continue to show bullish momentum amid global economic uncertainty and geopolitical tensions. With silver touching new highs and gold in a recovery phase, both metals are drawing interest from investors seeking safe-haven assets, reported timesofindia.indiatimes.com.
Gold holds steady above key support, while silver eyes ₹1,10,000 on robust demand and global cues.
According to Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group, gold is currently trading above a falling channel on the weekly chart — a pattern signalling a recovery and possible upside.
MCX Gold Outlook
Gold’s key support level is around ₹96,600. A break below this could trigger selling and push prices toward ₹95,000. However, if gold sustains above ₹96,100, it could rally toward ₹99,000. A breakout beyond ₹99,000 may further confirm a bullish trend.
Gold Trading Strategy
- CMP: ₹97,360
- Target: ₹99,000
- Stoploss: ₹96,600
MCX Silver Outlook
Silver has breached a critical resistance at ₹1,01,000 and is now trading above ₹1,05,000, with the next target at ₹1,10,000. Key support lies at ₹1,04,000 — a level where buyers may enter again. Demand from industrial sectors, especially in China due to policy easing, and dovish signals from the US Federal Reserve are boosting sentiment.
Silver Trading Strategy
- CMP: ₹1,06,500
- Target: ₹1,10,000
- Stoploss: ₹1,04,000
Overall, both gold and silver show a bullish technical setup, and traders are advised to keep an eye on crucial support levels to manage risk and seize potential gains.
