𝗚𝗼𝗹𝗱 𝗔𝗻𝗱 𝗦𝗶𝗹𝘃𝗲𝗿 𝗣𝗿𝗶𝗰𝗲 𝗧𝗮𝗿𝗴𝗲𝘁𝘀 𝗦𝗲𝘁 𝗔𝘁 𝗥𝘀 𝟭𝟲𝟱,𝟬𝟬𝟬 𝗔𝗻𝗱 𝗥𝘀 𝟮𝟴𝟱,𝟬𝟬𝟬
MCX Gold holds a sideways to bullish bias on the weekly chart. The metal trades in a consolidation phase and bounces from the previous week's low. The base trend points up.
Abhilash Koikkara leads Forex and Commodities at Nuvama Professional Clients Group. He sees the current dip as an accumulation chance while recent swing lows hold.
153,000 serves as the key support level for gold. This level matches the recent week's low. The bullish structure stays intact above this mark. A firm close below 153,000 would shift the tone.
Gold eyes 165,000 as the next target. The current setup favors the upside. Price action shows no signs of weakness.
Trading strategy for MCX Gold:
- Current Price: 158,800
- Target: 165,000
- Stop Loss: 153,000
MCX Silver also shows a bullish base trend. The metal consolidates within the previous week's range. Prices build a base near the breakout level and find support along an upward sloping trendline.
Silver started the week strong but gave up gains in recent sessions. The bullish bias holds while prices stay above 255,000. This level serves as the immediate support. A firm close below 255,000 would put bulls under pressure.
Silver targets 278,000 as the next stop. The recent swing high sits at 285,000. A firm close above 285,000 would keep the bullish trend in play.
Trading strategy for MCX Silver:
- Current Price: 264,000
- Target: 285,000
- Stop Loss: 255,000