Gold, silver price prediction
Gold, silver price prediction
Key Highlights
- 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 OutlookMCX 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.
Gold prices are experiencing a decline this week, but Abhilash Koikkara, Head - Forex & Commodities at Nuvama Professional Clients Group, recommends buying on dips as a strategic move.
The current correction in gold prices should be viewed as an accumulation opportunity rather than a sign of trend reversal, with the base trend remaining positive. The breakout level of 148,000, supported
Close below this level would
A close below this level would invite further correction towards 144,000, while buying on dips remains advisable for the week. Resistance is expected at 155,000, with a sustained daily close above this level confirming buyer control and resuming the bullish move.
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Gold has started the week with lower lows, taking out the previous week's low, which keeps the weekly trend leaning towards further correction. With momentum on the negative side, gold is well-placed to extend its corrective move through the sessions ahead.
The current trading strategy for MCX Gold involves setting a target of Rs 144,000 and a stop loss at Rs 155,000, with the current price at Rs 150,300.
Silver prices are trading within a wide consolidation range, having given back all gains since August's start. The correction from current levels is expected to extend towards the mid-August zone before finding support on the downside.
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The recent pullback from highs has led to the 225,000 level standing out as a strong support for the week, limiting further downside. A firm close below this level would shift bias to negative, but dips above it should attract buyers and keep the broader uptrend intact.
Silver's immediate resistance is at 242,000 levels, with 246,000 as the next resistance beyond that. A move above 246,000 would confirm bullish bias and maintain momentum. However, prices are expected to target the 225,000 support level, staying above which keeps the trend in the corrective phase.
The current trading strategy for MCX Silver involves setting a target of Rs 225,000 and a stop loss at Rs 240,000, with the current price at Rs 233,200.
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I write about the forces shaping business and the global economy, from startup growth and changing markets to international trade and policy. My work focuses on breaking down complex developments into clear, practical insights and understanding what they could mean for businesses, investors, and the wider economy.
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