Gold and silver price prediction today: Gold and silver prices are showing signs of recovery after a phase of weakness, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group.
MCX Gold Price Outlook
MCX Gold is showing signs of a potential recovery after witnessing a phase of weakness, with technical indicators suggesting that prices may move higher in the near term. The immediate upside targets are placed at Rs 144,000 and Rs 145,000, while Rs 140,000 is expected to act as a strong support level. As long as prices remain above this support, the overall outlook continues to favor a rebound.From a technical perspective, most momentum oscillators have entered the oversold zone, indicating that the recent selling pressure may have been excessive. Historically, such conditions often precede a relief rally as bargain buying emerges and short positions are covered. This increases the probability of a bounce back in prices over the coming sessions.Traders may closely watch the price action around the Rs 140,000 mark, as sustained trading above this level could strengthen bullish momentum and pave the way for a move towards the resistance levels of Rs 144,000 and Rs 145,000. However, a decisive break below the support may weaken the positive outlook and invite fresh selling pressure.Overall, the technical setup suggests that MCX Gold is well-positioned for a corrective recovery, with oversold indicators supporting the likelihood of an upward move, provided key support levels remain intact.
Gold Trading Strategy
- CMP: 142,000
- Target: 145,000
- Stop Loss: 140,000
MCX Sliver Price Outlook
MCX Silver is expected to witness a recovery in the near term, with prices likely to move higher and test the Rs 227,000 level. The metal has a strong support placed around Rs 218,000, which is expected to cushion any further downside. As long as prices remain above this key support, the short-term technical outlook continues to favor a rebound.Similar to Gold, most of the momentum oscillators for MCX Silver have slipped into the oversold territory, indicating that the recent decline may have been overextended. Oversold conditions often signal that selling pressure is nearing exhaustion, increasing the possibility of bargain buying and short-covering rallies. This technical setup suggests that a bounce back in prices is becoming increasingly likely over the coming sessions.Market participants should closely monitor the Rs 218,000 support zone, as sustained trading above this level could strengthen bullish sentiment and encourage fresh buying interest. A successful hold above support may pave the way for an advance towards the Rs 227,000 resistance level. On the other hand, a decisive break below Rs 218,000 could delay the expected recovery and expose prices to additional downside pressure.Overall, the technical indicators continue to point towards a corrective upside move in MCX Silver, with oversold oscillators supporting the case for a near-term rebound, provided the key support level remains intact.
Silver Trading Strategy
- CMP: 221,500
- Target: 227,000
- Stop Loss: 218,000
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