Gold & silver price prediction today: Gold rate exhibiting bullish trend – what’s the outlook and should you buy or sell?

Gold and silver price prediction today: Gold prices are likely to continue their bullish trend in the near term, says Abhilash Koikkara, Head – Forex & Commodities, Nuvama Professional Clients Group. The analyst also believes that the upward momentum in silver is intact. He shares his views on gold and silver:

MCX Gold Outlook:

MCX Gold prices have been gradually inching higher, reflecting a strong underlying bullish momentum. The precious metal is likely to test the 102,450 level in the near term as the broader bias continues to remain firmly positive. On the downside, the immediate and crucial support is placed at 99,900 levels, which acts as a safety net for traders. As long as prices sustain above this support zone, the upward trajectory is expected to continue.The bullish sentiment in gold is supported by both technical and fundamental factors. From a technical standpoint, higher highs and higher lows on the chart indicate that buying interest is intact. On the fundamental side, global uncertainties, fluctuations in the U.S. dollar, and expectations around central bank policies are providing additional strength to bullion prices. Demand for gold as a safe-haven asset remains elevated, keeping investor interest strong.In the short term, any dip towards 100,200–100,000 levels is likely to attract fresh buying, while a decisive move above 102,450 may open the doors for further gains. Overall, the outlook remains constructive, and traders should maintain a positive bias as long as 99,900 holds as strong support.

MCX GOLD Trading Strategy

MCX SILVER Outlook

MCX Silver is currently trading around the 115,500 mark and continues to show strength, with the potential to extend its rally towards 117,500 levels in the near term, followed by 118,000 levels if momentum sustains. The bias remains constructive as long as the metal holds firmly above its key support placed at 113,000 levels. This support zone has been tested earlier and has provided a strong base for buyers to re-enter the market.Technically, silver has been forming higher highs and higher lows, indicating that the uptrend is intact. A sustained move above 116,200 could further fuel bullish momentum, bringing the next resistance zones of 117,500 and 118,000 into play. On the other hand, any dips towards 114,000–113,500 are expected to attract fresh buying interest, as long as 113,000 support holds strong.On the fundamental side, silver’s outlook is supported by its dual nature as both a precious and industrial metal. Rising investment demand, coupled with optimism in the renewable energy and electronics sectors where silver is heavily used, adds to its positive sentiment. Additionally, global economic cues, movement in the U.S. dollar, and policy expectations from major central banks remain influential drivers.

MCX Silver Trading Strategy

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