Gold looks set to extend its rally towards 155,000 levels in the upcoming sessions. (AI image)

Gold and Silver Price Forecast Today: Abhilash Koikkara, Head of Forex and Commodities, Nuvama Professional Clients Group, says that gold and silver prices may continue to rise in the coming sessions.

mcx gold price outlook

On the weekly time frame, MCX Gold has bounced back from recent lows, finding support near the 30-week moving average, indicating the resumption of an uptrend after a brief decline. The metal is displaying an intermediate bullish trend, potentially creating a buying window. However, a strong close below key support could trigger a more pronounced correction. Nevertheless, the broad bullishness remains intact as long as prices remain above recent swings.In the coming week, the area around the weekly low of 137,000 is likely to serve as a key support area, underscoring its technical importance. Any movement towards this level could attract new buying interest, limiting near-term downside risk. As long as prices remain above this mark, the broad bullish structure is expected to remain intact. However, the bullish scenario will be negated if it closes below this level.Gold looks set to extend its rally towards 155,000 levels in the upcoming sessions. This upward move would signal a bounce off support and could sustain bullish momentum in the near term. Furthermore, continued strength in price action supports the positive outlook and suggests the recovery may continue.In short, gold maintains a bullish bias supported by a positive underlying trend that points to the possibility of further upside. As long as prices remain above the key support at $137,000, the broader bullish structure should hold. With momentum indicators aligning and sentiment remaining favourable, the metal is likely to trade with a positive bias and continue its upward trend in the coming sessions.

mcx gold trading strategy

mcx silver price outlook

From a weekly perspective, silver has recovered its support base and continues to trade above an important moving average. After bouncing off the recent lows, the price structure shows a positive trend. Since the larger trend remains up, short-term declines could provide opportunities for accumulation, as long as last week’s lows are not broken. Market participants should align their positions with the dominant trend and consider placing protective stop-loss levels close to the latest weekly low to effectively control risk.The market started the week on a strong note, recovering from recent lows and indicating continued upside strength. The positive outlook is likely to remain intact as long as prices remain above key weekly support levels. The first line of support is seen near last week’s low of 217,000, and a definite close below this point could challenge the current positive bias. Until then, short-term corrections are expected to spur buying interest, allowing the broader uptrend to continue.On the positive side, silver looks set to retest the breakdown levels around the $260,000 resistance zone in the near to medium term. Continued moves towards this area will strengthen the ongoing bullish trend, supported by stable momentum and supportive technical indicators. Overall, the broader bullishness is expected to remain intact as long as prices remain above the 217,000 support zone, potentially opening the door to further gains amid improving positive sentiment.

mcx silver trading strategy

(Disclaimer: The recommendations and views given by experts on the stock market, other asset classes or personal finance management are their own. These opinions do not represent the views of The Times of India)