Gold & silver price prediction today: MCX Gold to remain bullish? Here's the outlook

Gold and metallic terms prediction today: Gold prices and metallic prices proceed to grounds a bullish trend, says Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group.

He shares his views connected golden and silver:

MCX GOLD Price Outlook

MCX Gold continues to stay connected a bullish trajectory, contempt witnessing immoderate correction up of the caller Federal Reserve meeting. The pullback was much of a profit-booking signifier alternatively than a inclination reversal, arsenic the broader sentiment for golden inactive favors the upside. Currently, golden prices person approached a precise important enactment portion astir ₹1,09,000 levels, which is apt to enactment arsenic a beardown level for the metal.

As agelong arsenic prices prolong supra this level, the wide operation remains positive, keeping buyers successful control.The resilience of golden astatine this enactment indicates that marketplace participants are inactive positioning themselves for higher levels. Key drivers specified arsenic planetary uncertainty, request for safe-haven assets, and expectations of involvement complaint policies proceed to lend spot to the metal. Technically, holding supra the enactment opens the anticipation of a determination towards ₹1,11,000 levels successful the adjacent term.

A decisive breakout supra this level whitethorn further widen the bullish momentum.On the downside, a breach beneath ₹1,09,000 could invitation caller selling pressure, but until that occurs, the outlook stays constructive. Traders and investors are advised to stay cautiously optimistic, with a absorption connected buying astatine dips adjacent the enactment zone.

MCX Gold Trading Strategy

MCX Silver Price Outlook

MCX Silver witnessed a steadfast correction from ₹1,30,000 to ₹1,26,000 levels up of the caller Federal Reserve meeting, arsenic traders preferred to publication profits and enactment cautious earlier the argumentation outcome.

However, this diminution appears much similar a short-term retracement alternatively than a reversal successful trend. The broader operation of metallic continues to stay positive, supported by robust concern demand, safe-haven buying, and planetary cues that favour precious metals successful the mean term.Currently, metallic is uncovering beardown enactment adjacent ₹1,25,000 levels, which is expected to enactment arsenic a cushion against further downside.

As agelong arsenic prices prolong supra this zone, the bias remains firmly upward. On the higher side, metallic has the imaginable to rebound towards ₹1,29,000 levels, a portion that whitethorn enactment arsenic contiguous resistance. A sustained determination supra ₹1,29,000 could adjacent pave the mode for retesting the ₹1,30,000 levels erstwhile again.From a method perspective, dips towards enactment are being viewed arsenic caller buying opportunities by traders, indicating continued bullish sentiment. On the flip side, a interruption beneath ₹1,25,000 whitethorn invitation further weakness. Until then, the outlook remains constructive, and investors whitethorn see a buy-on-dips strategy.

MCX Silver Trading Strategy

(Disclaimer: Recommendations and views connected the banal marketplace and different plus classes fixed by experts are their own. These opinions bash not correspond the views of The Times of India)